Morning Report

eurjpy31_01_2012

Despite the decline seen yesterday, the pair provided a daily closing above the pivotal support at 100.25, which supports the suggested upside move to remain valid. Stochastic is positive over 4-hour basis, which also supports ourexpectations for an intraday upside move today, targeting basically areas around 102.55, noting that any daily closing below 100.25 could force the pair to resume the general downside trend again.

The trading range for today is among the major support at 99.30 and the major resistance at 102.55.

The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.

Previous Report

Weekly Report

Support100.25100.0099.3098.5097.80
Resistance100.90101.60102.00102.55103.35
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 100.25, and taking profit at 102.55 and stop loss with a 4-hour closing below 99.30 might be appropriate today