Weekly Report 06/02 -10/02/ 2012
Adopting a favorable reaction to our previous technical report, the Japanese yen has plummeted sharply against Greenback where we can see how the pair succeeded in clearing 76.4% Fibonacci of the entire upside rally from 75.50 to 79.50 zones. Momentum indicators continue showing positive signals while Vortex is on its way to overlap bullishly. Consequence, the bullish recovery may continue during this week. A break above 77.10 areas will accelerate the bullish wave mainly targeting 78.30 areas. On the downside, a break below 75.50 will negate our scenario.
The trading range for this week is among key support at 75.25 and key resistance now at 78.90.
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 76.50 targeting 78.30 and stop loss below 75.45 might be appropriate.|