Japanese Yen (JPY) Technical Major Currencies (2011-02-07)

By @ibtimes on

Weekly Report 07 - 11 / February / 2011

The pair halted the upside around the bearish trend's resistance level currently around 82.40 which keeps the bearish bias valid. Stochastic is clearly negative supporting our expectations for an overall bearish direction this weekinitially targeting areas from 80.35 and require daily closing below 82.40.

The trading range for today is among the key support at 80.35 and the key 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 ReportSupport81.8581.0580.8080.3579.60Resistance82.4083.2083.7084.2585.00RecommendationBased on the charts and explanations above our opinion is selling the pair around 82.40 targeting 80.35 and stop loss above 83.70, might be appropriate this week

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