Euro vs. Japanese Yen (2009-12-16)

By @ibtimes on

Morning Report

The pair is moving steadily upwards, respecting our harmonic anticipation that a potentialCDleg for a harmonicAB=CDpattern is underway. The first objective resides around 132.25 zones. Thereforewe believe that, the intraday outlook is to the upside. This positive scenario is to be valid as far as 128.80 areas remain intact.Note that, Stochastic attempts to overlap positively, adding further confirmation for the upside direction.

Trading range for today is among key support at 126.80 and key resistance now at 133.60.

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

Support130.00129.40128.80128.40127.85Resistance130.50131.05131.60132.00132.50RecommendationBased on the charts and explanations above our opinion is, buying the pair from 130.00 targeting 132.00 and stop loss below 128.30 might be appropriate.

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