Japanese Yen (JPY) Technical Major Currencies (2011-02-17)

By @ibtimes on

Morning Report

The mixed trading the pair is witnessing yesterday's, but stabilized below 83.70 noting that the negative pressure continues on the retest level for the breached pivotal resistance that has currently turned into support around 83.45. Stochastic is heading to the downside, thereby making us expect the pair to return within the bearish trend that essentially requires a clear breach of 83.45 to pave the way towards 82.45 initially. Note: if the mentioned support level maintains its stance resuming the bearish trend will fail and thereby insuring the intraday rebound.

The trading range for today is among the key support at 81.85 and the key resistance at 85.00.

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

Previous Report

Weekly Report

Support83.4583.1082.5082.2081.85Resistance83.7084.2585.0085.9586.25RecommendationBased on the charts and explanations above our opinion is selling the pair with an hourly closing below 83.45 targeting 81.85 and stop loss above 84.25, might be appropriate.

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