USD/JPY Weekly Technical Report 24-28/12/2012

The pair closed its trading positively last week above 84.10 indicating the possibility of some sideways trading within the green area shown on the graph. Till now, we remain with the possible intraday bearish move but breaching 84.95 levels will force us to halt this negative outlook reconsidering the intraday-short term move for the pair.

The trading range for this week is among key support at  82.25  and key resistance at  85.10 .

The general trend over short term basis is to the upside stable at levels 75.20 targeting 87.45.

Support 84.10 83.80 83.65 83.55 83.35

Resistance 84.35 84.95 85.10 85.20 86.00

Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 84.10 targeting 83.65, 83.35 then 83.00 and stop-loss with four-hour closing above 84.95 might be appropriate