Euro vs. Japanese Yen (2012-02-01)

February 1, 2012 7:00 AM GMT

Morning Report

eurjpy01_02_2012

The pair is trading positively since the morning after founding base on the several support levels between 100.25 and 100.45, where Stochastic is positive and supports the upside move. Therefore,our morning positive expectations remain valid today unless the provided a daily closing below 100.25.

The trading range for today is among the major support at 99.30 and the major resistance at 102.55.

The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.

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EUR/USD Weekly Outlook

EUR/USD's decline extended further as expected as reached as low as 1.2496. The break of 1.2625 confirmed resumption of whole fall from 1.4939. Initial bias remains on the downside this week.

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