Weekly Report 02/01 -06/01/ 2012

eurjpy02_01_2012

The negative pressure continued dominating the movements of the EUR/JPY pair; whilst the price is currently approaching the major support seen on the graph at 98.45 where a potential upside recovery may start towards the resistance of the main descending channel at 109.00. Therefore, we prefer staying aside until an actionable setup presents itself to pinpoint the next big move over short term basis.

The trading range for this week is among the key support at 97.40 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

Support99.4098.5097.8097.4097.00
Resistance100.00100.75101.00101.80102.65
RecommendationBased on the charts and explanations above we recommend staying aside until an actionable setup presents itself to pinpoint the upcoming big move.