Japanese Yen (JPY) Technical Major Currencies (2011-01-21)

By @ibtimes on

Morning Report

The pair pushed to the upside to surpass vital resistance for the short term direction, shown in the image above, which has currently turned into support around 82.80. If stability is achieved above this level and above the MA 50, a bullish rebound could be witnessed. On the other hand, we must keep an eye on trading today to insure the daily closing is around the breached level since there are chances in returning within this bearish direction, according to the negativity appearing through stochastic. The levels that must be observed are represented in 82.80 and 83.20; however, in order to recognize the suggested scenario and other opinion supporting the bullish direction for the pair, we recommend reviewing Fundamental and Technical Analysis for: USDJPY.

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.

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Fundamental and Technical Analysis for: USDJPYSupport82.8082.5581.8081.0580.80Resistance83.2083.7084.2585.0085.95RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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