Morning Report


The EUR/JPY pair created a bearish harmonic structure ideally as seen on the provided four-hour chart while the secondary image shows that it formed a bearish candlestick formation on the daily basis. Hence it might move downwards over intraday basis. Note that, areas of 124.15 should hold to keep this negative speculation valid.

The trading range for today is among key support at 119.40 and key resistance now at 125.00.

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 122.80 targeting 120.95 and stop loss above 124.15 might be appropriate.