Japanese Yen (JPY) Technical Major Currencies (2010-05-12)

The support level of92.30 is maintaining its stance in front of the pair's attempts to descend. The minor bullish rebound that had occurred yesterday hit into the MA 50 and once again neared mentioned support. We expect a breach of this level to pave the way to head towards 91.45 then 90.65. Chances of achieving the bearish intraday direction will remain intact if trading remains intact below 93.30.

The trading range for today is among the key support at 90.65 and the key resistance at 94.00.

The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Previous Report Weekly ReportSupport92.3091.8091.4590.6590.45Resistance92.6593.3094.0094.8095.15RecommendationBased on the charts and explanations above our opinion is selling the pair with breakout below 92.30 targeting 90.65 and stop loss above 93.30, might be appropriate.