Morning Report

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The EUR/JPY pair has collapsed violently affected by the previous discussed SC super cluster resistance which consist of the full correctional level of the movements from 125.25 to 119.60 zones and 161.8% Fibonacci level for theBCleg. We believe that, further bearishness could be seen over intraday basis as the bearish effect of the harmonic AB=CD is still in favor.

The trading range for today is among key support at 120.90 and key resistance now at 126.35.

The general trend over the short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support123.15122.80122.10121.70120.90
Resistance123.60124.15125.00125.50126.35
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.60 targeting 121.70 and stop loss above 125.20 might be appropriate.