Japanese Yen (JPY) Technical Major Currencies (2011-02-15)

By @ibtimes on

Morning Report

The pair is trading near the symmetrical triangle's pattern's resistance level highlighted above, where it is descending towards 83.45; whereas stochastic is losing bullish momentum in a gradual pace to head towards overbought areas. This makes us hold onto expectations of a bearish intraday direction targeting 81.35 initially. Note that stability below 83.45 - 83.70 is vital to maintain chances of resuming expectations.

The trading range for today is among the key support at 81.35 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

Support82.7582.5082.2081.8581.35Resistance83.4584.2585.0085.9586.25RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.45 targeting 81.85 and stop loss above 84.50, might be appropriate.

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