Morning Report

eurjpy14_12_2011

The pair acquired the full target of the bearish formation previously completed with the breach of the support shown in red above. This led the pair to trade below the support for the minor descending channel that organized trading from the top of the mentioned pattern. Therefore, we expect the pair to resume the intraday bearishness today yet will be preceded by a retest to the breached support that turned into resistance at 102.05 where a breach of which will delay the bearish targets that start from 100.00 areas.

The trading range for today is expected among the key support at 100.00 and the key resistance at 102.45.

The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.

**GMT +2 Chart timescale and candle closing**

Previous Report

Weekly Report

Support101.65101.00100.0099.4098.50
Resistance102.05102.451003.00103.80104.25
RecommendationBased on the charts and explanations above our opinion is selling the pair around 102.05 targeting 100.00 and stop loss with four-hour closing above 102.45 might be appropriate