USD/JPY Weekly Technical Report 19-23/11/2012

The pair has been trading very narrowly after touching our previous detected technical objective around 81.50 territories. Actually, the sensitivity of the present trading levels forces us to wait and see until the pair takes the upper line of the upside channel to negate the overbought sign on RSI 14.

The trading  range for today is among key support at 79.60 and key resistance now at 82.50.

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

Weekly Report

Support 80.75 80.50 80.30 80.10 79.80

Resistance 81.50 82.00 82.25 82.50 82.80

Recommendation Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high.