Japanese Yen (JPY) Technical Major Currencies (2011-02-11)

By @ibtimes on

Morning Report

The pair the upside mvoe inching closer to critical resistance levels for the intraday wave between 83.55 - 83.70. Above, we have a natural symmetrical triangle pointing to chances of the near return to the bearish short term trend. This negative pattern supports the overbought signs on momentum indicators and thereby making us expect a bearish intraday direction. We remind you again of the importance of the aforementioned levels which are the last defence to preserve the suggested bearishness.

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

Support82.9082.5082.2081.8581.05Resistance83.5584.2585.0085.9586.25RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.55 targeting 82.50 and stop loss above 84.25, might be appropriate.

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