Morning Report

eurjpy03_01_2012

Having a deeper look at the four-hour chart, we can notice a potential falling wedge that may reverse the current bearishness if the resistance around 100.75 is cleared over intraday basis. Stochastic is positive, but EMA 50 continues covering the price; thus, we recommend staying aside over intraday basis until the pair takes one of the support or the resistance levels between 99.30 and 100.75.

The trading range for the day is expected 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.

Weekly Report

Support99.3098.5097.8097.4097.00
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.