Japanese Yen (JPY) Technical Major Currencies (2011-04-08)

By @ibtimes on

Morning Report

The pair continues to trade near 50% Fibonacci correction that still finds a hard time in breaching it due to the negativity on momentum indicators, which could note that the sideways fluctuation will continue for some time until we gain some bullish correction that is enough to push the pair towards breaching the mentioned correction level that in role will pave the way towards more bullish intraday movement. Note that the achieving this target requires two main factors; first, a clear breach of 85.65 and the second stability of trading above 84.00.

The trading range for today is among the key support at 83.90 and the key resistance at 87.85.

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

Previous Report

Weekly Report

Support85.0084.5083.9083.5083.00Resistance85.6585.9586.3086.9087.35RecommendationBased on the charts and explanations above our opinion is buying the pair with an hourly closing above 85.65 targeting 87.35 and stop loss below 84.50, might be appropriate.

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