Japanese Yen (JPY) Technical Major Currencies (2011-07-20)

 @ibtimes on July 20 2011 2:27 AM

Morning Report

In accordance with yesterday's scenario, the pair started to achieve a mild incline attempting to retest the previous broken horizontal support -turned into resistance- where the support of our caught descending triangle exists. The pair is gradually relieving RSI 14 and we believe that this technical process of relaxing momentum indicator will be done once the pair touches 79.55-79.90 areas before resuming the downtrendtargeting 77.10-77.10 zones. It is worth noting that Ribbons lines -EMA 10 to 80- cover the bearishness as well.

The trading range for today is among key support at 77.45 and key resistance now at 80.65.

The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 76.40 remain intact.

Previous Report

Weekly ReportSupport78.6578.2077.8577.4577.10Resistance79.3079.5579.8080.0580.65RecommendationBased on the charts and explanations above our opinion is, selling the pair around 79.55 targeting 77.45 and stop loss above 80.90 might be appropriate.

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