Morning Report

eurjpy08_02_2012

The pair was able to activate the suggested scenario yesterday, approaching the main target at 102.55, while the pair is still trading inside the ascending correctional channel, supported by SMA 50. Therefore, we expect the upside correctional move to extend today, attempting to breach the level of 102.55 to support our expectations. Our suggested targets are at 103.80 and 104.25, while consolidation above 101.40 is required for our expectations to prevail.

The trading range for today is among the major support at 101.40 and the major resistance at 104.25.

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

Previous Report

Weekly Report

Support102.10101.40100.80100.1599.25
Resistance102.55103.35103.80104.25104.75
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 102.10, and taking profit at 103.80 and stop loss below 101.40 might be appropriate today