Morning Report

eurjpy12_10_2011

The pair settles among a sideway range since Monday, while maintaining stability above the minor resistance that was breached previously and shown on image. Accordingly, we expect an upside bias for today counting on the latest consolidation above the support of the main descending channel, targeting 107.50. The 50 EMA forms a barrier for intraday trading.

The trading range for today may be among the 113.50 support and 106.40 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact

Previous Report Weekly Report

Support103.85103.20102.65102.10101.70
Resistance105.10105.40105.75106.40106.80
RecommendationBased on the charts and explanations above we recommend buying the pair around 103.85 targeting 105.75 and stop loss with four-hour closing below 103.20 may be appropriate for today.