Morning report


The EUR/JPY pair has reached our detected support zone of 132.50, where it started to incline once again towards the projected technical target of CD rally of the harmonic AB=CD pattern. We still keep our suggested bullish scenario over intraday basis, targeting 261.8% at 133.85 zones. A breakout above 133.15 will be able to accelerate this bullishness.

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.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 132.60 targeting 133.85 and stop loss below 131.50 might be appropriate.