Japanese Yen (JPY) Technical Major Currencies (2010-12-22)

By @ibtimes on

Morning Report

The pair continues trading around SMA 50, while nearing the upside channel's support level in a sideway manner that organizes intraday trading. Momentum indicators are currently in neutral areas; thereby we could witness fluctuations to continue until enough bullish momentum is obtained to breach critical resistance for the intraday direction at 84.25. In overall, we expect to witness an upside intraday trend that needs a clear breach of 84.25 to prevail, alongside stability above 83.35.

The trading range for today is among the key support at 82.80 and the key resistance at 85.95.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

Previous Report

Weekly Report

Support83.3582.8082.5581.9081.65Resistance83.7584.2585.0085.9586.25RecommendationBased on the charts and explanations above our opinion is buying the pair around 83.35 targeting 85.00 and stop loss below 82.55, might be appropriate.

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