Euro vs. Japanese Yen (2011-07-20)

 @ibtimes
on July 20 2011 2:28 AM

Morning Report

EURJPY

The pair is fluctuating within a range since yesterdays evening settled above 112.00, while stochastic is providing clear overbought signs besides the 50 EMA resistance level around 112.60. therefore, we still hold onto our bearish expectations for today targeting 76.4% Fibonaccci retracement at 110.25 shown in image above. we have to mention that breaching 11.60-112.80 may delay the awaited targets.Trading range for the day is among the major support at 109.55 and the major resistance at 113.65.The short term trend is to the downside targeting 100.00, as long as 123.30 remain intact.

Previous Report

Weekly Report

Support111.90111.45110.70110.25109.55Resistance112.60113.25113.65114.10114.75RecommendationBased on the charts and explanations above we recommend selling the pair around 112.60 targeting 110.70 and stop loss above 113.65 may be appropriate.

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