Japanese Yen (JPY) Technical Major Currencies (2010-08-03)

Level 86.85 has formed a roof over the pair yesterday, where we expect the resistance for today to also show support for the negative direction appearing through the stochastic. Meanwhile, due to stability belowSMA 50 we can expect a bearish intraday direction that targets 85.95 then 85.00. keep in mind the importance of stability below 87.25 to maintain chances of achieving the bearish trend for today.

The trading range for today is among the key support at 85.00 and the key resistance at 87.65.

The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.

Previous Report

Weekly Report

Support85.9585.3585.0084.7084.00Resistance86.6587.0587.6587.9588.70RecommendationBased on the charts and explanations above our opinion is selling the pair around 86.85 targeting 85.95 and stop loss above 87.65, might be appropriate.