Euro vs. Japanese Yen (2011-04-08)

By @ibtimes on

Morning Report

In line with yesterday's expected correction, the pair went sharply downwards, where it touched levels around 120.60 in order to build a new technical base to move higher once more. The pair started to stabilize above 121.05 as well and it seems that it intends to reach the scientific technical target of our suggested mixture of Elliott and classical studies at 126.40 during the coming period.Henceforth, we suggest a possible bullish scenario over intraday basis; noting that 125.00 represents a psychological level.

The trading range for today is among key support at 118.65 and key resistance now at 125.00.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Previous ReportWeekly Report

Support121.90121.05120.50120.00119.10Resistance122.45122.90123.35124.15125.00RecommendationBased on the charts and explanations above our opinion is, buying the pair around 122.00 targeting 124.75 and stop loss below 120.50 might be appropriate.

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