Morning Report

eurjpy15_12_2011

The pair continued to trade within a tight range and steady below the descending channel support shown above, where this tight range trading is gradually unloading the upside momentum on Stochastic. In general, we still see chances for further intraday bearishness today depending on the breach of the mentioned support and targeting initially 100.00 psychological areas. Note that a breach of 101.80 will delay the awaited downside move.

The trading range for today is expected among the key support at 99.40 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.

Previous Report

Weekly Report

Support101.00100.0099.4098.5098.00
Resistance101.80102.45103.00103.80104.25
RecommendationBased on the charts and explanations above our opinion is selling the pair around 101.80 targeting 100.00 and stop loss with four-hour closing above 102.45 might be appropriate