Euro vs. Japanese Yen (2011-02-23)

By @ibtimes on

Morning Report

Once more, the initial resistance around 114.00 zones succeeded in forcing the pair to move downwards sharply, where it came below the support line of the suggested rising wedge pattern. At the same time, SMA 50 is under attack and the previous two candlesticks closed negatively below the support line of our caught classical pattern. These technical factors argue us to hold onto our bearish outlook over intraday basis. Note that a break of 112.80-112.40 will bring panic selling pressure.

The trading range for today is among key support at 111.05 and key resistance now at 114.75.

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

Support112.80112.40112.10111.60111.05Resistance113.60114.00114.25114.75115.40RecommendationBased on the charts and explanations above our opinion is, selling the pair around 113.30 targeting 111.60 and stop loss above 114.80 might be appropriate.

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