Japanese Yen (JPY) Technical Major Currencies (2011-01-12)

By @ibtimes on

Morning Report

The pair newly attempted to breach the downside channel's resistance level that has presently moved towards 83.15, while yesterday's trading closed precisely at the resistance level, appearing through the minor image above. Stochastic is still showing negative signs that support trading to continue within the highlighted bearish trend; therefore, we expect a bearish intraday direction since its key targets are around 81.05, while achieving them constantly requires stability below 83.15.

The trading range for today is among the key support at 81.05 and the key resistance at 84.25.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

Weekly Report

Support83.0582.5081.9581.0580.80Resistance83.1583.7084.2585.0085.95RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.15 targeting 81.95 and stop loss above 84.25, might be appropriate.

Join the Discussion