Japanese Yen (JPY) Technical Major Currencies (2010-08-06)

The pair achieved halfway towards yesterday's awaited target followed by bullishrebound due to the positive effect that continue its effect on the pair overthe four-hour chart, where we find that the bullish technical pattern is appearing clearly; the neckline for this pattern is at 86.35. The positive momentum, alongside this pattern, are factors that make us expect a bullish intraday direction that requires two main factors to achieve it; first, a clear breach of 86.35, second is trading above 85.70. Technical targets start at 87.45.

The trading range for today is among the key support at 85.35 and the key resistance at 87.45.

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

Previous Report

Weekly Report

Support85.6585.3085.0084.7084.00Resistance86.3586.8587.0587.4587.95RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 86.35 targeting 87.45 and stop loss below 85.65, might be appropriate.