Japanese Yen (JPY) Technical Major Currencies (2011-05-19)

By @ibtimes on

Morning Report

The pair is fluctuating around the SMA 50 and finding difficulty in breaching it till now. Stochastic provided a slight upside bias and accordingly we preserve our intraday upside expectations for today which requires the breach of the SMA 50 at 81.75 and stability above 80.45 targeting areas from 82.50 and 83.50.

The trading range for today is among the major support at 80.45 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 ReportSupport80.7580.4580.0579.8079.00Resistance81.7582.5083.0083.5083.90RecommendationBased 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 80.45 might be appropriate

Join the Discussion