Morning Report


The EUR/JPY pair succeeded in reaching our suggested technical resistance of 126.35, where it is facing 127% Fibonacci level of XA leg. Thereby, the bearish harmonic pattern might have been completed there as momentum and trend indicators show clear bearish signs. Henceforth, possible descending actions could be seen over intraday basis.

The trading range for today is among key support at 123.60 and key resistance now at 128.35.

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 126.40 targeting 124.60 and stop loss above 127.90 might be appropriate.