Japanese Yen (JPY) Technical Major Currencies (2011-03-11)

By @ibtimes on

Morning Report

The pair touched the triangular resistance level shown above, where it reversed in what is considered a positive sign regarding the strength of this level. Stability below this resistance, alongside the bearish direction appearing through stochastic, makes us hold onto expectations of a bearish intraday trend starting initial targets around 81.65. Note the importance of the daily closing's stability below 83.05, in order to hold onto chances of achieving expectations.

The trading range for today is among the key support at 81.65 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 Report

Weekly Report

Support82.5082.0081.6580.8080.35Resistance83.0583.7584.2585.0085.95RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.05 targeting 82.25 and stop loss above 83.70, might be appropriate.

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