Morning Report


Yesterday's recorded highwas 128.35 which represent the exact point that we defined to take the pair to the downside. The EUR/JPY succeeded in breaching the key support level of 127.40, opening the door up for additional bearishness towards the 125.50 zones followed by 123.10 to complete the CD leg of our harmonic formation. Therefore we keep our outlook to the downside over intraday basis.

Trading range for today is among key support at 123.10 and key resistance now at 129.40.

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 126.30 targeting 124.25 and stop loss above 127.95 might be appropriate.