Morning Report

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The bearish continuation pattern appearing on the secondary image has been confirmed via breaching its support line. The EUR/JPY pair is gradually approaching the detected technical objective of our weekly report at 120.00 zones while the negative pressure obtained from our suggested Elliott count continues. Henceforth, potential bearishness could be seen over intraday basis, supported by settling below EMA10-80Ribbons lines.

The trading range for today is among key support at 117.45 and key resistance now at 123.10.

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 ReportPrevious Report

Support120.00119.60119.30118.35117.45
Resistance120.90121.70122.10122.70123.10
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 120.90 targeting 119.30 and stop loss above 122.20 might be appropriate.