Japanese Yen (JPY) Technical Major Currencies (2012-01-31)

The pair has closed negatively below 76.4% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 zones as seen on the provided daily chart. Stochastic is gradually approaching oversold areas contradicting with the negativity appearing on Vortex indicator which shows a clear negative sign. In the interim, RSI 14 also is on the way to draw a potential positive divergence while the pivotal support of 76.00 becomes very close. The above mentioned conflicting technical catalysts force us to stay aside over intraday basis.

The trading range for today is among key support at 75.20 and key resistance now at 77.30.

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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