Morning Report

eurjpy22

The pair inclined and stabilized above 50% retracement of the XA leg for the suggested harmonic structure, which is expected to be a Bat pattern, the upside move was very weak, and ADX proves that by trading negatively below 14;therefore, we will keep on our negative expectations for the pair.

Trading range for the day is among the major support at 111.60 and the major resistance at 116.90.

The short term trend is to the downside as long as 132.50 holds, targeting 97.90.

Previous Report

Weekly Report

Support115.25114.90114.25113.60112.80
Resistance115.75115.90116.30116.90117.30
RecommendationBased on the charts and explanations above our opinion is selling the pair around115.45, targeting 112.10 and stop loss above 116.30 may be appropriate for today.