Morning Report

eurjpy02_02_2012

The pair found strong support level at 99.20, which forced it to rebound to the upside, forming an ascending channel as shown above on the chart, this channel supports the continuity of the upside correction over intraday basis. The pair is fluctuating now around SMA 50, while this fluctuation could continue until the pair gains some positive momentum to extend the upside move over intraday basis. Our target is at 102.55, while consolidation above 99.40 is required to achieve it.

The trading range for today is among the major support at 99.40 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

Support100.0099.4098.5097.8097.45
Resistance100.70101.60102.00102.55103.35
RecommendationBased on the chart and explanations above, our opinion is buying the pair with an hourly closing above 100.65, and taking profit at 102.55 and stop loss below 99.40 might be appropriate today