Weekly Report 26/04 -30/ 04 / 2010
It is clear that, the EUR/JPY pair is presently forming the CD leg for the harmonic structure appearing on the four-hour charts. The overbought signs appearing on the indicators might cause a mild correction before resuming the anticipated upside rally during this week. Note that, SMA 50 is protecting the suggested bullishness from below.
The trading range for this week is among key support at 122.10 and key resistance now at 129.35.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support125.50125.00124.65124.15123.60Resistance126.40126.75127.30127.85128.30RecommendationBased on the charts and explanations above our opinion is, buying the pair from 125.40 targeting 127.20 and stop loss below 124.15 might be appropriate.