Japanese Yen (JPY) Technical Major Currencies (2011-01-13)

By @ibtimes on

Morning Report

The pair sustained stability below the descending channel's resistance level around 83.15, while SMA 50 continues forming a strong support barrier, preventing the pair from achieving the suggested scenario in our previous reports. The daily closing is below the mentioned resistance level makes us expect a bearish intraday direction, initial targets are at 81.05 and keeping in mind the importance of building a base below 83.15 to maintain chances of resuming expectations.

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

Support82.5081.9581.0580.8080.35Resistance83.1583.7084.2585.0085.95RecommendationBased 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.

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