Japanese Yen (JPY) Technical Major Currencies (2010-02-17)

 @ibtimes
on February 17 2010 1:33 AM

Morning Report

The pair continued trading withinthe rising wedge that is causing the breach of resistance for the descending channel, shown in our previous reports, whereas the four hour candlesticks will continue closing below the MA 200; thus supporting expectations of a bearish direction. Presently, we need the breach of this rising wedge's support at 90.10 that paves the way to achieve an expected bearish intraday direction, which maintains chances of achieving them intact if the four hours closing is below 90.65. The awaited technical targets start at 88.75.

The trading range for today is among the key support at 88.75 and the key resistance at 91.60.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

Previous Report Weekly Report

More Technical AnalysisSupport90.1089.7589.5588.7588.20Resistance90.4091.1091.6092.3092.90RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 90.10 target 88.75 and stop loss above 91.10, might be appropriate.

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