Japanese Yen (JPY) Technical Major Currencies (2011-04-29)

By @ibtimes on

Morning Report

The pair is moving towards the retest mentioned in our previous reports at 81.00 accompanied by Stochastic trading within oversold areas. Therefore,we expect an intraday bullish movetoday targeting 82.50 then 83.50 and require stability above the aforementioned retest area.

The trading range for today is among the major support at 80.25 and the major resistance at 83.50.

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

Previous Report

Weekly ReportSupport81.5081.0080.7580.2080.00Resistance82.2582.5583.0083.5083.90RecommendationBased on the charts and explanations above our opinion is buying the pair around 81.00 targeting 82.55 and stop loss below 80.25 might be appropriate

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