Morning report

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Simply speaking, the EUR/JPY pair is resuming the daily harmonic CD leg of the suggested harmonic AB=CD pattern as seen on our provided chart. AROON down-colored in red supports the negative outlook which is targeting 123.90- over short term basis. Henceforth further negative actions are to be witnessed over intraday basis.

Trading range for today is among key support at 124.00 and key resistance now at 132.50.

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

Support128.00127.35126.80126.50125.75
Resistance128.90129.40129.80130.50131.00
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 128.40 targeting 126.50 and stop loss above 130.10 might be appropriate.