Euro vs. Japanese Yen (2011-02-18)

By @ibtimes on

Morning Report

eurjpy18

The pair is trading negatively between 112.80 and 113.35; trading should stabilize above the last level to confirm resuming the bullishness towards 88.6%, where the harmonic resistance from A to C of the bat pattern and their extensions exists. In General, trading should remain above 61.8% between 112.10-112.05 to keep the scenario valid, targeting 114.40 zones.

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.

Previous Report

Weekly Report

Support112.80112.05111.80111.60111.20Resistance113.35113.85114.00114.40114.75RecommendationBased on the charts and explanations above our opinion is, buying the pair around 113.00 targeting 114.40 and stop loss with a four hour closing below 112.05 might be appropriate.

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