Euro vs. Japanese Yen (2011-03-22)

Once more, the pivotal resistance areas around 115.60-115.90 prevented the pair from achieving additional bullishness. As we discussed earlier, these areas represent the neckline of our suppositional rounding bottom pattern and the pair should breach this neckline to make sure that the mixture between classical studies and Elliott count is correct. As a consequence, we hold onto our neutrality over intraday basis.

The trading range for today is among key support at 111.90 and key resistance now at 118.25.

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

Support114.75114.25113.60113.15112.80Resistance115.60115.90116.30116.80118.25RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.