Japanese Yen (JPY) Technical Major Currencies (2011-03-22)

By @ibtimes on

Morning Report

The pair stabilized within the narrow range after nearing the highlighted resistance level from yesterday - the retest level around 81.75 -, accompanied by stochastic entering the edge of overbought areas; therefore, we expect a bearish overall direction today supported by the negative pressure offered by SMA as forecasted targets start around 79.80 then 79.00. In return, note that the breach of the highlighted resistance level could postpone resuming the suggested scenario.

The trading range for today is among the key support at 79.00 and the key resistance at 81.75.

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

Previous Report

Weekly Report

Support80.6079.8079.0078.4078.00Resistance81.2581.7582.2582.8083.75RecommendationBased on the charts and explanations above our opinion is selling the pair around 81.75 targeting 79.80 and stop loss above 82.80, might be appropriate.

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