Japanese Yen (JPY) Technical Major Currencies (2011-01-27)

By @ibtimes on

Morning Report

The pair continues to trade below the resistance for the main downside move at 82.80 with signs of a bearish formation with the neckline at 81.85. This pattern preserves our expectations for intraday bearishness for today. The SMA 50 is pressuring the pair and it is essential to help breach the mentioned neckline and activate the pattern targeting 80.35. The bearish pattern's continuation requires stability below the descending channel's resistance.

The trading range for today is among the major support at 80.35 and the major resistance at 83.70.

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

Previous Report

Weekly ReportSupport81.8581.0580.8080.3579.60Resistance82.4582.8083.2083.7084.25RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 81.85 targeting 80.35 and stop loss above 82.80 might be appropriate

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