Japanese Yen (JPY) Technical Major Currencies (2011-05-17)

By @ibtimes on

Morning Report

The pair is still trading sideways, stabilizing above the breached descending channel's resistance and below the SMA 50, while Stochastic is adding negative pressures on the pair and restricting the awaited bullishness. In general, we still see the path clear for the intraday upside correction targeting 83.50 and requires the breach of 81.75 and stability above 80.50.

The trading range for today is among the major support at 79.80 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 ReportSupport80.5080.0579.8079.0078.40Resistance81.7582.5083.0083.5083.90RecommendationBased on the charts and explanations above our opinion is buying the pair with hourly closing above 81.75 targeting 83.50 and stop loss below 80.60 might be appropriate

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