Japanese Yen (JPY) Technical Major Currencies (2011-10-21)

By @ibtimes on

Morning Report

The pair is still struggling around SMA 20 -colored in green- inside the previous detected two months sideways range as seen on the provided daily graph. We need more confirmation to turn our short term bias into bullish. We will get this confirmation once the pair breaches through 77.20 and preferably above77.70to make sure that the pair succeeded in beating the continuous conflicting signs on the chart. Our suggested positive scenario is protected by the floor formed around 75.90-75.80 areas.

The trading range for today is among key support at 75.25 and key resistance now at 78.45.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

Previous Report

Weekly ReportSupport76.6076.4076.1075.8075.60Resistance76.9577.2077.9078.4578.80RecommendationBased on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.55 and stop loss below 75.80 might be appropriate.

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