Euro vs. Japanese Yen (2011-01-19)

By @ibtimes on

Morning Report

eurjpy19

Reviewing the weekly report we can see the reason behind the bullishness seen; yet, in yesterday's report we discussed the possibility for another harmonic pattern, which will be negated with stability above 111.25. As provided on the chart above, stability above this level confirms the bullish harmonic pattern combined with the falling wedge which is positive.We hold onto our weekly expectations and remain neutral for today observing the pair around 111.25.

The trading range for today is among key support at 106.80 and key resistance now at 113.30.

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

Previous Report

Weekly Report

Support110.05109.65109.35108.75108.00Resistance111.10111.65112.05112.80113.30RecommendationBased on the charts and explanations above we remain neutral and observe the pair around 111.25 for confirming the continuation of our weekly expectations

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