Morning Report

The EUR/JPY pair slipped aggressively, forming clear bearish candlesticks pattern as seen on the provided daily charts. The bearish harmonic AB=CD pattern is still in progress after testing the broken trend line. AROON and RSI 14 indicators support our negative overview.

The trading range for today is among key support at 120.90 and key resistance now at 125.50.

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

Weekly Report Previous Report

Support123.15122.80122.10121.70120.90Resistance123.80124.15124.65125.00125.50RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.80 targeting 121.70 and stop loss above 125.50 might be appropriate.