Morning Report

eurjpy09_02_2012

The pair is still stable over daily basis above 102.00-102.10, which supports our positive expectations to continue, while momentum indicators are negative over 4-hour basis, which could weaken the possible upside move. In general, consolidation above 102.10 in addition to the support provided by SMA 50 are factors suggest resuming the intraday upside move today, in attempts to breach 102.55.

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

Support102.10101.45100.80100.1599.25
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