Euro vs. Japanese Yen (2011-03-24)

By @ibtimes on

Morning Report

We recommend reviewing the weekly report for more details about the importance of the pivotal resistance around 115.60-115.90. Second; on our chart, how the pair retraced mildly from these levels but entire movements since the opening of this week are trapped within tight range. Third, we see contradiction between being carried above SMA 50 and the bearish sign appearing on Vortex indicator, while the candlesticks formations are negative. Thereby, we will be neutral as far as we don't witness a daily closing above 115.90.

The trading range for today is among key support at 111.90 and key resistance now at 116.30.

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

Support113.60113.15112.80112.40111.90Resistance114.75115.00115.60115.90116.30RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

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