Weekly Report 04/04 -08/ 04/ 2011

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The EUR/JPY pair is still soaring after breaching the neckline areas of the previous suggested rounding bottom pattern, which we discussed several times before. This breakout which activated C wave of our captured Elliott sequence took the pair towards the psychological level of 120.00 and now some kind of consolidation is expected before touching the awaited technical target at 121.05. A break of which will bring more positive actions towards 125.00 zones. To recap, our bullish mixture of classical and Elliott is still in favor during this week, supported by the obvious bullish sign of Vortex.

The trading range for this week is among key support at 115.90 and key resistance now at 123.35.

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

Support119.10118.65117.85116.75115.90
Resistance120.00120.50131.05122.45123.35
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 119.10 targeting 122.40 and stop loss below 117.20 might be appropriate.