Weekly Report 09/08 -13/ 08 / 2010
The pivotal resistance areas of 113.60, which meet the upper line of the descending channel could force the EUR/JPY pair to move downwards during this week to compete the previous proposed harmonic Gartley pattern. Furthermore, Stochastic is attempting to overlap negatively, supporting this harmonic scenario. Note that, the scientific technical objectives reside around 110.90 zones.
The trading range for this week is among key support at 110.50 and key resistance now at 116.55.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 113.60 targeting 111.00 and stop loss above 115.45 might be appropriate|