Euro vs. Japanese Yen (2010-02-04)

on February 04 2010 1:01 AM

Morning Report

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The secondary four-hour chart shows that the pair has formed bearish candlestick formation, after touching the pivotal resistance areas that we mentioned in our yesterday's midday report at 126.80. Thereby, we believe that the bearishness might continue over intraday basis to resume the CD leg of the harmonic formation.

The 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.

Weekly Report Previous Report

Deeper analysis for the pair -click here-.

Support125.90125.50124.80124.25123.80Resistance126.50127.00127.30127.90128.35RecommendationBased on the charts and explanations above our opinion is, selling the pair from 126.50 targeting 124.30 and stop loss above 128.35 might be appropriate

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