Japanese Yen (JPY) Technical Major Currencies (2011-10-26)

By @ibtimes on

Morning Report

Despite recording an all-time low at 75.72 yesterday, but the daily closing was seen above the lower edge of the sideways range detected earlier as seen on the provided daily chart. We are obliged to stay aside over intraday basis due to the following technical reasons:

Yesterday's candlestick pattern -Doji- reflects an indecision case.

Stochastic is gradually approaching overbought areas and that was the rational reason which prevented the pair from collapse.

On the other hand, breaching through 76.95 will ease the path towards 77.70-77.80 areas. Ultimately, the technical situation is too sensitive for USD/JPY pair and we advice you to be patient until we catch a confirmed trend together.

The trading range for today is among key support at 74.50 and key resistance now at 77.60.

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

Previous Report

Weekly ReportSupport75.8075.6075.2574.9074.50Resistance76.6076.9577.2077.6077.90RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move.

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