Japanese Yen (JPY) Technical Major Currencies (2012-02-07)

Despite the negativity appearing on yesterday's candlestick structure but we can see how the closing was achieved comfortably for the second consecutive day above 76.4% Fibonacci retracement of the wave from 75.50 to 79.50 zones. Furthermore, the positive signs on momentum indicators remain unchanged; thus, we hold onto our bullish predictions over intraday basis, A break of 77.10 will encourage bulls to support their long positions.

The trading range for today is among key support at 75.50 and key resistance now at 77.90.

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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