Morning Report


Yesterday's bullish actions have taken the EUR/JPY pair above the initial resistance levels of 123.60, suggesting that a potential CD leg for a harmonic structure is in progress. Therefore possible positive movements could be seen over intraday basis, supported by the positive sign appearing on AROON butRSI 14 might cause some kind of fluctuation before resuming the upside rally.

The trading range for today is among key support at 122.10 and key resistance now at 127.40.

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

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RecommendationBased on the charts and explanations above our opinion is, buying the pair from 124.65 targeting 126.75 and stop loss below 122.80 might be appropriate.