Japanese Yen (JPY) Technical Major Currencies (2011-06-01)

By @ibtimes on

Morning Report

The pair consolidated between the 23.6% Fibonacci correction level and 50 EMA as shown on the chart above, where we spotted a minor ascending channel that may be a continuous flag pattern, this indicates a possible continuation of the main downside trend which stopped lately for correction. We are still uncertain about the next direction for the pair due to these mixed technical signals. Therefore, we remain neutral for today until we have more accurate confirmation.

The trading range for today is among the major support 79.95 and the major resistance 82.50

The short term trend is to the downside with stability below 89.35 targeting 77.70Support80.7579.9579.5079.0078.40Resistance81.6082.5083.0083.5083.90RecommendationBased on the charts and explanations above we recommend neutrality until we have more confirmations.

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