Japanese Yen (JPY) Technical Major Currencies (2011-05-12)

By @ibtimes on

Morning Report

The pair stabilized yesterday above the resistance for the main descending channel, signaling more upside movement over intraday basis mainly targeting 38.2% Fibonacci correction at 83.50. We have technical factors that might restrict the bullishness and pressure the pair south in an attempt to return to the downside wave which is resembled by the negativity on Stochastic alongside trading below the SMA 50.

The trading range for today is among the major support at 79.00 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 ReportSupport80.7080.0579.8079.0078.40Resistance81.5081.8582.5083.0083.50RecommendationBased on the charts and explanations above our opinion is buying the pair around 80.70 targeting 81.85 and stop loss below 80.05 might be appropriate today

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