In line with our midday scenario, the EUR/JPY pair inclined affected by facing the harmonic trend line and also to relieve the momentum indicator. Now, it comes back below SMA 50-colored in red- alongside bearish candlestick formation and negative crossover appearing on Stochastic. Thus; the bearish effect,which we explained several times before might continue over intraday basis.
The trading range for today is among key support at 108.50 and key resistance now at 114.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support111.05110.50110.00109.45108.50Resistance112.10112.85113.15113.60114.75RecommendationBased on the charts and explanations above our opinion is, selling the pair from 111.50 targeting 109.70 and stop loss above 113.15 might be appropriate.