Morning Report


The EUR/JPY also has moved to the downside violently, respecting our yesterday's analytical scenario. The path is cleared for additional bearishness towards the awaited potential reversal zones of our captured harmonic pattern at 125.50 zones-127% Fibonacci of BC leg. AROON shows that the bearish trend is very strong.

Trading range for today is among key support at 123.80 and key resistance now at 130.50.

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 127.60 targeting 125.55 and stop loss above 129.40 might be appropriate.