Euro vs. Japanese Yen (2011-02-11)

By @ibtimes on

Morning Report

eurjpy11

The pair reached once again 76.4% correction of CD from the bullish Bat Pattern, and now the pair is stable around those areas. Despite the overbought signs on Stochastic it did not provide a negative signals and breaching 113.35 and stability above it will drive the pair towards 114.40, 88.6% correction of CD. We expect further bullishness today and the channel over four-hour basis confirms those expectations which require stability above 112.05 over intraday basis.

The trading range for today is among key support at 110.95 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.

Support112.80112.05111.80111.60111.20Resistance113.35113.85114.00114.40114.75RecommendationBased on the charts and explanations above, our opinion is buying the pair around 112.80 targeting 114.40 and stop loss with four-hour closing below 111.60 might be appropriate today

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