Japanese Yen (JPY) Technical Major Currencies (2011-03-24)

By @ibtimes on

Morning Report

The pair continues trading within a narrow range since the beginning of this week, with ongoing stability below the previously broken support level appearing in red in the chart above. This support that has turned into resistance touching SMA, accompanied by clear negative signs through stochastic and making us expect a bearish intraday direction that will begin targets around 79.80 then 79.00; requiring stability below 81.80 in order to prevail.

The trading range for today is among the key support at 79.00 and the key resistance at 81.80.

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

Previous Report

Weekly Report

Support80.6079.8079.0078.4078.00Resistance81.1581.8082.2582.6583.25RecommendationBased on the charts and explanations above our opinion is selling the pair around 81.15 targeting 79.80 and stop loss above 81.80, might be appropriate.

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