Japanese Yen (JPY) Technical Major Currencies (2012-05-01)

Although the pair has stabilized below the psychological level of 80.00 but it became very near to the initial support of 79.55-previous broken resistance- which meets SMA 100 as seen on the provided daily graph. In the interim, RSI 14 approaches oversold areas contradicting the bearish effect of the descending channel. Thereby, we remain neutral over intraday basis; noting that, coming beneath 79.55 will bring additional downside movements.

The trading range for today is among key support at 78.80 and key resistance now at 81.20.

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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