Morning Report

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The EUR/JPY pair has been capable of reaching our yesterday's detected technical objective at 133.50 zones -check the analysis here-. Currently, a [double top] classical pattern has been captured, succeeded in pushing the pair to the downside, where it breached the uptrend line under the negative pressure of SMA 20. Therefore the outlook is to be changed to the downside over intraday basis.

Trading range for today is among key support at 129.80 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.

Weekly Report

Support132.50132.00131.60131.05130.50
Resistance132.90133.15133.65134.15134.85
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 132.85 targeting 131.25 and stop loss above 134.15 might be appropriate.