Morning Report

eurjpy

Despite nearing the resistance level for the downside trend at 131.95, a bullish technical pattern is forming which confirms the upside wave and targets areas above the mentioned resistance, which validates the likelihood for a trend reversal to the upside over intraday basis for today. The neckline for the mentioned model resides at 130.70 which is why we expect a bullish move to be seen today, yet we might witness a slight downside correction to relief RSI from the buying saturation for the pair to continue to the upside.

The trading range for today is among key support at 127.35 and key resistance now at 134.15.

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

Support130.70130.50130.00129.40128.90
Resistance131.95132.00132.50133.15133.70
RecommendationBased on the charts and explanations above our opinion is buying the pair at 131.00 targeting 132.50 and stop loss below 130.00 might be appropriate