Morning Report


The EUR/JPY pair is moving within the same trading range since yesterday. Thereby, the negative harmonic BAT pattern is still in favor. RSI 14 is moving inside overbought areas. Consequently, potential descending actions might be seen today.A break of 124.10 could be able to accelerate this scenario.

The trading range for today is among key support at 122.10 and key resistance now at 126.35.

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 124.65 targeting 122.55 and stop loss above 126.35 might be appropriate.