Morning Report

/

The EUR/JPY pair has corrected slightly as we discussed in yesterday's midday report. Now, the negative pressure obtained from the descending channel that controls the downside movements as seen on the provided four-hour chart is to continue. The suggested CD legfor the harmonic pattern is still in progress. Hence, the intraday overview is to be kept to the downside.

The trading range for today is among key support at 131.00 and key resistance now at 136.40.

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

Support132.00131.40131.00130.50130.00
Resistance132.80133.15133.65134.15134.80
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 132.50 targeting 130.50 and stop loss above 134.15 might be appropriate