Morning Report

eurjpy

Despite the heavy saturation seen on momentum indicators, yet the breach of 131.70 signaled a possible downside intraday move for today. We can see on the provided chart that breaching this level confirms that the correction has not ended and might continue towards the target for the C wave at 130.70 at least. The downside move remains valid as far as trading is steady below 132.00

The trading range for today is among key support at 129.80 and key resistance now at 134.15.

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

Support131.60131.05130.70130.25129.50
Resistance131.70132.00132.50133.15133.60
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 131.50 targeting 130.70and stop loss above 132.00 might be appropriate.