USD/JPY Weekly Technical Report 21-25/1/2013

The USD/JPY pair is trading between Linear Regression Indicator (LRI) 34 from the upside and LRI 55 from the downside. In general, trading above the ascending channel`s key support at 88.40 levels might extend the general upside move. Stochastic entered oversold areas supporting the upside attempt during the week.

The trading range for this week is among key support at 87.80 and key resistance at 92.05.

The general trend over short term basis is to the upside targeting 91.70 as far as areas of  83.40 remain intact.

Support 89.30 89.00 88.80 88.40 87.80

Resistance 90.20 90.85 91.50 91.70 92.05

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 89.30 targeting 90.20, 90.85 then 91.50 and stop-loss with four-hour closing below 88.40 might be appropriate this week