Japanese Yen (JPY) Technical Major Currencies (2012-02-03)

A reversal candlestick pattern was drawn yesterday and it may confirm our caught positive divergence on RSI 14. Trading continued above 88.6% Fibonacci retracement of the entire upside wave from 75.50 to 79.50 as seen on the provided daily chart. Thus, we hold onto our bullish predictions over intraday basis; noting that a break of 76.50 will be a vey positive indication and will fix the negativity on Vortex. On the other side, clearing 75.50 will bring selling interests over upcoming period.

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 upsidetargeting 87.45 as far as areas of 75.20 remain intact.

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