Euro vs. Japanese Yen (2010-02-10)

 @ibtimes on February 10 2010 12:43 AM

Morning Report

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Classically speaking, the EUR/JPY pair couldn't maintain levels above the downtrend line, seen on the provided four-hour chart. Forming a shooting star candlestick pattern, alongside the negative crossover appearing on Stochastic indicate that potential downside movements could be seen over intraday basis. A break of the pivotal support level of 122.70 is needed to confirm this negative anticipation.

The trading range for today is among key support at 120.55 and key resistance now at 126.10.

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

Support123.10122.70122.15121.70121.30Resistance123.90124.60125.50125.85126.45RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 122.70 targeting 120.55 and stop loss above 124.40 might be appropriate.

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