Japanese Yen (JPY) Technical Major Currencies (2011-05-20)

By @ibtimes on

Morning Report

The pair approached the initial target around 82.50 amid negative pressure from Stochastic to return below the SMA 50. Therefore, we need an initial hourly closing above SMA at 81.75 to activate the intraday upside move for today targeting 83.50. Breaching the support area between 80.75-35 is a strong signal for the resumption of the general bearishness.

The trading range for today is among the major support at 80.35 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 ReportSupport81.3080.7580.3580.0579.80Resistance81.7582.5083.0083.5083.90RecommendationBased 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 80.75 might be appropriate

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