Euro vs. Japanese Yen (2010-12-23)

By @ibtimes on

Morning Report

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In accordance with our yesterday's scenario, the third technical try to breach 109.45 zones was accurate enough to send the pair sharply to the downside. The pair may retest this pivotal broken support-current resistance- to relieve RSI 14 before resuming the bearishness of the rising wedge, which is still affecting the pair bearishly, supported by the negative sign of Vortex indicator as seen on the provided four hour chart. The extended technical targets reside at 107.30.
The trading range for today is among key support at 106.15 and key resistance now at 112.40.

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

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EURJPY Classical

Support109.05108.50108.00107.30106.80Resistance109.45110.00110.50111.05111.60RecommendationBased on the charts and explanations above our opinion is, selling the pair around 109.45 targeting 107.30 and stop loss above 111.10 might be appropriate.

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