Euro vs. Japanese Yen (2010-01-27)

Our first technical target of the bearish scenario has been reached, seen on the provided chart. Currently, the negative daily closing along with the continuation of the strong sign appearing on AROON, confirms that the CD leg of the harmonic AB=CD pattern is on its way to reach 161.8% Fibonacci level at 123.10 zones. Thus, we keep our overview to the downside over intraday basis.

Trading range for today is among key support at 121.90 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.

Weekly Report Previous Report

Support124.90124.30123.85123.10122.70Resistance125.80126.50127.40128.00128.35RecommendationBased on the charts and explanations above our opinion is, selling the pair from 125.60 targeting 123.40 and stop loss above 127.40 might be appropriate