Weekly Report 19/04 -23/ 04 / 2010
Breaching the uptrend line of the ascending channel proves the solid resistance that the EUR/JPY found around 127.85 zones-127% Fibonacci level for BC leg- as seen on the provided daily chart. Thus; further negative movements could be witnessed during this week, supported by RSI 14 and AROON indicators.
The trading range for this week is among key support at 120.90 and key resistance now at 127.85.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support123.15122.45121.70120.90120.00Resistance124.15124.65125.50126.30127.40RecommendationBased on the charts and explanations above our opinion is, selling the pair from 124.15 targeting 120.95 and stop loss above 126.30 might be appropriate.