Weekly Report 15-19 / 03 / 2010
The EUR/JPY pair has faced SK (super cluster) resistance areas on past Friday, consisting of the full correctional level and 161.8% Fibonacci level for the BC leg. A bearish candlesticks structure has been formed, suggesting that the upside correction might have been ended and a descending wave probably will start during this week, supported be negative sign appearing on AROON.
The trading range for this week is among key support at 120.00 and key resistance now at 128.35.
The general trend over the short term basis is to the downside, targeting 115.00 as far as areas of132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 125.00 targeting 121.70 and stop loss above 127.40 might be appropriate.|