Japanese Yen (JPY) Technical Major Currencies (2011-05-10)

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Morning Report

The pair is stable below the main descending channel's resistance that currently descended to 80.75. Accordingly, we favor the likelihood for the bearish intraday move supported by the negativity of SMA 50. Targets start from 79.00 and require stability below 80.75.

The trading range for today is among the major support at 78.40 and the major resistance at 81.90.

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

Previous Report

Weekly ReportSupport79.8079.0078.4078.0077.70Resistance80.7581.5082.0082.5083.00RecommendationBased on the charts and explanations above our opinion is selling the pair around 80.75 targeting 79.00 and stop loss above 82.00 might be appropriate today

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