Morning report

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The obvious bullish candlestick formation, seen on the four-hour chart has pushed the EUR/JPY pair to touch the pivotal resistance areas of 132.50. Now, a slight correction may occur towards 131.95 zones before resuming the CD rally of the harmonic AB=CD pattern. Technical target of the aforesaid leg resides at 133.85 zones. Thereby, additional upside actions are to be witnessed over intraday basis.

Trading range for today is among key support at 129.40 and key resistance now at 135.50.

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

Support131.95131.60131.00130.50129.40
Resistance132.80133.15133.85134.15134.70
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 132.00 targeting 133.80 and stop loss below 130.50 might be appropriate.