Morning Report

eurjpy10_02_2012

The pair was able to breach the level of 102.55, which supports the upside move to continue, as we can see the pair is still trading within the ascending channel shown above. The negativity seen on momentum indicators could trigger heavy fluctuations and retesting the previously breached level before continuing the intraday upside move today, targeting areas around 104.25 mainly. Consolidation above 121.40 is necessary for our expectations to prevail.

The trading range for today is among the major support at 101.40 and the major resistance at 105.15.

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

Previous Report

Weekly Report

Support102.25101.60100.80100.1599.25
Resistance103.35103.80104.25104.75105.15
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 102.25, and taking profit at 103.80 and stop loss below 101.40 might be appropriate today