Japanese Yen (JPY) Technical Major Currencies (2010-06-17)

The pair continued to trade in a sideway manner and thereby causing the pair to exit the ascending channel path that is below its support that has currently turned into resistance at 91.45. The bearish technical pattern shown in the image above is supported bySMA 50 remaining intact as resistance in front of the pair, alongside being below support the mentioned bullish channel. These factors make us expect a bearish intraday direction that will start with the breach of the neckline at 90.80 to head towards 89.55 then 88.90. Keep in mind that stability above SMA 50, where it is presently valued at 91.80 renewing the pair's chances in qualifying in the second round that is awaited at 93.30.

The trading range for today is among the key support at 89.55 and the key resistance at 92.25.

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

Previous Report Weekly Report

Support90.8090.0089.5588.9088.40Resistance91.4591.8092.2592.6592.90RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 90.80 targeting 89.55 and stop loss above 91.80, might be appropriate.