Japanese Yen (JPY) Technical Major Currencies (2011-03-02)

By @ibtimes on

Morning Report

The pair continues trading within a narrow range fluctuating close to the symmetrical triangle's support level, highlighted in our previous reports, which is currently ascending towards 81.55. The MA 50 continues forming good resistance for intraday trading, thereby maintaining chances of resuming the expected bearish trend. Stochastic is moving to the downside to support expectations.

The trading range for today is among the key support at 80.35 and the key resistance at 83.35.

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

Previous Report

Weekly Report

Support81.5580.8080.3579.6079.20Resistance82.0582.4082.9583.3583.70RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach around 81.55 targeting 80.35 and stop loss above 82.40, might be appropriate.

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