Morning Report

The EUR/JPY pair is trapped within a very tight range since facing the upper line of the trading range as seen on the provided daily chart, but we see how it is still stabilizing above 23.6% Fibonacci level, while being supported by the lower line of the ascending channel. Thus; we still see the current move as a preparation for breaching the solid resistance levels of the range areas. Consequently, there is a chance for achieving bullish movements over intraday basis.

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

Support111.60111.35111.05110.50110.00Resistance112.80113.60114.00114.75115.00RecommendationBased on the charts and explanations above our opinion is, buying the pair around 112.10 targeting 114.00 and stop loss below 110.50 might be appropriate.