Morning Report


The EUR/JPY moved downwards sharply, approaching our yesterday's detected technical objective at 128.90. Currently,additional bearish actions are to be witnessed over intraday basisas its continuously closing below SMA 50-colored in red- while forming continuous bearish candlesticks formations. TheCDleg of theAB=CDpatternis still in progress, supported by the strong bearish sign appearing onAROON indicator.

Trading range for today is among key support at 126.50 and key resistance now at 132.50.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 129.60 targeting 127.80 and stop loss above 131.15 might be appropriate.