Morning Report

The European currency versus Japanese yen is approaching the neckline of the suggested neckline gradually as seen on the provided daily chart. The positive effect of this aforesaid pattern might continue over intraday and may be the short term basis. AROON stated to give positive sign, supporting the bullish classical overview. A break of 113.60 will accelerate the scenario as well.

The trading range for today is among key support at 110.00 and key resistance now at 115.75.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support112.10111.60111.35110.50110.00Resistance113.60114.00114.35115.00115.75RecommendationBased on the charts and explanations above our opinion is, buying the pair around 112.45 targeting 114.35 and stop loss below 110.85 might be appropriate.