Japanese Yen (JPY) Technical Major Currencies (2011-05-13)

By @ibtimes on

Morning Report

The pair is trading within a tight range since yesterday, while stabilizing above the breached resistance for the descending channel shown above and also above the 23.6% Fibonacci correction. Therefore, we expect an intraday upside move today targeting initially 81.80 then 82.50 and require stability above 80.60.

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 ReportSupport80.6080.578.8079.0078.40Resistance81.5081.8082.5083.0083.50RecommendationBased on the charts and explanations above our opinion is buying the pair around 80.60 targeting 81.80 and stop loss below 79.80 might be appropriate today

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