Japanese Yen (JPY) Technical Major Currencies (2012-04-12)

By @ibtimes on

Morning Report

The pair has been trading within a very tight range after Tuesday's collapse as seen on the provided daily chart. Stochastic and RSI 14 may cause an upside recovery but trading below 81.50 resistance and the negativity on Vortex indicator-trend indicator- are reasons that force us to stay aside over intraday basis. A break below 80.50 followed by 80.00 will bring additional bearish pressures but on the other side, clearing 81.50 decisively will invigorate bulls.

The trading range for today is among key support at 79.55 and key resistance now at 82.20.

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 ReportSupport80.5080.2080.0079.8079.55Resistance81.2581.5081.8082.2082.50RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.

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