Morning Report

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After approaching the technical target, seen on the above image, the EUR/JPY pair was in a definite need for a mild bullish correction. This correction might reach the pivotal resistance areas of 129.40 followed by resuming the major bearishness over intraday basis, based on the suggested TheCDleg of theAB=CDpatternwhich is still in progress and the negative daily closing.

The trading range for today is among key support at 124.90 and key resistance now at 131.15.

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

Weekly ReportPrevious Report

Support128.45127.60126.80125.75125.40
Resistance129.40129.80130.50131.15131.60
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 129.40 targeting 127.80 and stop loss above 130.75 might be appropriate.