Morning report

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The EUR/JPY pair is also forming the same shape of the short term sequence as seen on the provided four-hour chart. The candlestick formation shows that 61.8% of the last decline from the fifth to our suggested [A] is negatively pressuring the pair. Hence we keep our intraday overview to the downside. A break of 134.90 areas will confirm our suggested count.

Trading range for today is among key support at 131.60 and key resistance now at 138.20.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

Support134.90134.15133.40133.00132.50
Resistance135.30135.80136.20136.90137.25
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 135.30 targeting 133.40 and stop loss above 137.00 might be appropriate