Euro vs. Japanese Yen (2011-02-07)

By @ibtimes on

Weekly Report

eurjpy07

The pair breached the support for the main ascending channel shown above, where trading was constructed within the ascending channel among the support and the resistance that might turn into a falling wedge. Stochastic is overbought while RSI is neutral though near oversold areas in an attempt to stabilize above 50 points. Trading among 112.80 and 111.05 keeps the direction obscure and accordingly we remain neutral for this week and recommend reviewing our daily reports for more confirmations.

The trading range for this week is among key support at 108.85 and key resistance now at 115.40.

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

Support111.05110.70110.05109.65109.35Resistance112.10112.80113.35113.85114.00RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations

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