Morning Report

eurjpy27

Over daily basis, the technical harmonic structure shown above supports thecontinuation of the downside move to form the CD leg of the Bat Pattern. Breaking 114.90 with daily closing will confirm the classical pattern, initial targets near 112.90 level. Our expectations require intraday stability below 117.20.

The trading range for today is among the major support at 111.05 and the major resistance at 117.30

The short term trend is to the downside, targeting 97.90 as far as 132.50 level remain intact.

Weekly Report

Support115.00114.75114.25114.00113.60
Resistance116.30116.80117.30117.75118.65
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 115.75 targeting 112.90 and stop loss above 117.10 might be appropriate