Weekly Report 07/11 -11/ 11/ 2011
The USD/JPY pair has been capable of achieving a weekly closing above the pivotal support-previous broken resistance- of 77.70 as seen on the provided daily chart. Stochastic may force the pair to retest this aforesaid support to get rid of the negative crossover appearing on it, but Vortex indicator-trend indicator- is still reflecting the strength of the recently established upside recovery started with BOJ intervention from 75.55 zones. To conclude, we still see chances for achieving a new technical attempt to maintain levels above 78.80 to make sure that 79.55 will fall. A break of 79.55 will be a very positive indication for short and medium term traders. Conversely, areas of 76.10 should protect our bullish anticipations.
The trading range for this week is among key support at 76.10 and key resistance now at 81.15.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 77.70 targeting 80.00 and stop loss below 76.10 might be appropriate.|