The EUR/JPY pair was able stroke 107.60 areas yesterday and it is presently gathering the momentum it needs above SMA 50, which turned from resistance into support. Hence, our suggested Elliott count is still valid and potential upside actions could be seen over intraday basis, supported by the positive divergence appearing on the daily basis. For more details about the pair,follow us on Market Pulse report today. Itwill be published at 9.00 GMT.
The trading range for today is among key support at 105.30 and key resistance now at 110.00.
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, buying the pair around 107.50 targeting 109.45 and stop loss below 105.90 might be appropriate.|