Euro vs. Japanese Yen (2010-01-12)

on January 12 2010 1:14 AM

Morning Report

In line with the expected bullish scenario which is based on the harmonic structure that took the pair above Ribbons lines as seen on the daily chart, the pair inclined approaching the key resistance areas of 134.50, placing a temporarily high at 134.35. We still think that the pairis to move upwards over intraday basis,resuming theCDleg of the harmonic pattern, supported by the positive sign that's appearing on AROON indicator.

Trading range for today is among key support at 131.60 and key resistance now at 136.10.

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

Support133.00132.50132.00131.50131.05Resistance134.15134.85135.50136.10136.40RecommendationBased on the charts and explanations above our opinion is, buying the pair from 133.60 targeting 135.50 and stop loss below 132.50 might be appropriate.

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