Morning Report


The complexity of the pair's movement made us enter a sideways correctional wave after the end of the fifth Elliot wave from the Impulsive Wave; the upside signs are still intact and the euro versus the yen is still trading above the 50% correction, seen on the chart above at 133.75 and that makes us favor the upside move for today, which remains valid as far as 61.8% correction at 132.65 in intact.

The trading range for today is among key support at 131.60 and key resistance now at 137.40.

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

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 133.75 targeting 136.25 and stop loss below 132.65 might be appropriate