Morning Report


The EUR/JPY went downwards, reaching levels below the psychological level of 130.00. Now, additional bearish actions are to be witnessed over intraday basis as its continuously closing below SMA 50-colored in red-. The CD leg of the AB=CD patternis still in progress, supported by the strong bearish sign appearing on AROON indicator. The secondary four-hour chart adds further confirmation to the scenario.

Trading range for today is among key support at 126.50 and key resistance now at 133.15.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 130.50 targeting 128.90 and stop loss above 131.90 might be appropriate.