Morning report

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Controlled inside a bearish channel, the EUR/JPY pair is still building the suggested CD legfor the harmonic pattern harmonic pattern is still in progress. Hence, the intraday overview is to be kept to the downside. Stochastic is preparing for a negative overlapping, supporting our proposed outlook.

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.