Morning Report


After breaching yesterday's mentioned pivotal support levels of 121.85, the pair went downwards. More bearishness might be seen over intraday basis, depending on the suggested harmonic pattern, where the EUR/JPY is presently forming its CD leg as seen on the provided four-hour chart. Indicators support our negative scenario.

The trading range for today is among key support at 117.80 and key resistance now at 124.15.

The general trend over 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, selling the pair from 121.60 targeting 119.80 and stop loss above 123.15 might be appropriate.