Morning Report


The secondary four-hour chart shows how the slight correction occurred yesterday might have been ended and the pair is back to the major downside trend. The bearish classical pattern is still pressuring the EUR/JPY pair over short term basis as it is clear from the candlestick formations that it is still has southern technical targets to be reached. Hence more bearishness could be seen today.

The trading range for today is among key support at 117.40 and key resistance now at 124.15.

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 120.90 targeting 119.40 and stop loss above 122.20 might be appropriate.