Japanese Yen (JPY) Technical Major Currencies (2011-05-05)

By @ibtimes on

Morning Report

The pair is attempting to retest 80.75 to return to the general downside move that temporarily was halted for the upside correction. Momentum indicators are still providing positive signs that keep the volatility and push the pair to the upside. We need to observe the pair for today, and especially the daily closing around the critical 80.75; a daily closing below this level is a strong signal for the end of the correction at 50% Fibonacci correction and the pair will resume the general bearishness.

The trading range for today is among the major support at 78.40 and the major resistance at 82.20.

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

Previous Report

Weekly Report

Support80.2579.8079.0078.4078.00Resistance80.7581.5082.2082.5083.00RecommendationAfter closing the morning position and based on the charts and explanations above we recommend observing the pair for more confirmations

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