Euro vs. Japanese Yen (2011-02-14)

By @ibtimes on

Weekly Report

eurjpy14

The sideways trading continues between 61.8% and 76.4% correction of CD from the bullish Bat pattern. Stochastic is negative and the pair opened trading this week to the downside though trading above 112.10 -61.8% correction- keep the upside wave valid for this week. Breaching 113.35 and stability above it will extend the upside wave towards 88.6% correction at 114.40 where the bullishness requires stability above 111.60 to prevail this week.

The trading range for this week 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.

Support112.10111.60111.05110.70110.05Resistance113.35113.85114.00114.40114.75RecommendationBased on the charts and explanations above, our opinion is buying the pair around 112.10 targeting 114.40 and stop loss with four-hour closing below 111.05 might be appropriate this week

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