Japanese Yen (JPY) Technical Major Currencies (2010-08-10)

The pair is trading within the bearish channel that protected bySMA 50 that is currently near 38.2% Fibonacci correction, where the pair is presently around resistance for this channel accompanied by negative signs appearing through the stochastic. Therefore, we expect a bearish intraday direction that will start its targets at 85.00 then 84.00, where stability below 86.55 is required to prevail.

The trading range for today is among the key support at 84.00 and the key resistance at 86.55.

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

Previous Report

Weekly Report

Support85.3085.0084.7584.0083.50Resistance85.9086.5587.0087.4587.95RecommendationBased on the charts and explanations above our opinion is selling the pair around of 85.90 targeting 85.00 and stop loss above 86.55, might be appropriate.