Morning Report

eurjpy09_08_2011

The pair successfully breached the 76.4% Fibonacci level and closed few pips below the level yesterday, thus, we have a good confirmation for the intraday potential downside move initially targeting 107.55. The 50 EMA supports the downside move, The move requires stability below 110.25.

Trading range for the day is among the major support at 107.10 and the major resistance at 111.85.

The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact

Previous Report

Weekly Report

Support109.55108.75108.20107.55107.10
Resistance110.25110.90111.25111.85112.80
RecommendationBased on the charts and explanations above we recommend selling the pair around 110.25 targeting 108.20 and stop loss above 111.25 may be appropriate.