Morning Report

eurjpy09

Breaching 112.30 areas activates the upside move and we recommend reviewing the report yesterday's report. Therefore, the bullish Bat Pattern is still valid and trading above 61.8% correction of CD from the pattern signals new attempts at 76.4% correction at 113.35 and breaching it will extend towards 88.6% at 114.40 then C top around 115.40. Therefore, we expect the pair to move to the upside today supported by the bullish harmonic pattern.

The trading range for today is among key support at 109.65 and key resistance now at 114.40.

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

Support112.30111.80111.60111.20110.95
Resistance112.85113.35113.85114.00114.40
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 112.30 targeting 114.40 and stop loss with four-hour closing below 111.20 might be appropriate today