Japanese Yen (JPY) Technical Major Currencies (2012-02-22)

Morning Report

The pair continued rallying bullishly and started to hit the psychological levels of 80.00 as seen on the provided four-hour chart. Stochastic reinforces resuming the bullishness over intraday basis; whilst RSI 14 may cause sharp fluctuation. The classical weekly studies proved its accuracy as the pair is gradually approaching our previous suggested technical target and we recommend reviewing the weekly report for more details about this classical structure and its targets. Finally, a break above 80.20 will encourage bulls to resume their northern trip.

The trading range for today is among key support at 78.60 and key resistance now at 81.25.

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

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