Euro vs. Japanese Yen (2011-12-30)

By @ibtimes on

MorningReport

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The pair continues to trade within the side-ways range we expected in our reports yesterday among 100.75 and 100.00, while stochastic and RSI continue to provide conflicting signals. In general, we count on stability below 100.75 in addition to the negative pressure from the 50 EMA to maintain our expectations for a downside move today , initially targeting 99.40 and 98.50, the awaited targets require steady daily closing below 100.75.

The trading range for the day is expected among the key support at 98.50 and the key resistance at 101.80.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Previous Report

Weekly Report

Support100.0099.4098.5097.8097.40Resistance100.75101.00101.80102.65103.35RecommendationBased on the charts and explanations above we recommend selling the pair with around 100.75 targeting 99.40 and 98.50,stop loss with four-hour closing above 101.80 may be appropriate

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