Morning Report

eurjpy15_02_2012

The pair was able to breach the barrier at 103.00 with the start of the session today, where the pair is still biased to the upside supported by the SMA 50. Therefore, we expect the intraday upside move to extend today, targeting mainly 50% Fibonacci correction at 104.25 and then moving towards 104.80 and 106.10. a breach of 102.55 should weaken the suggested upside move.

The trading range for today is among the major support at 102.55 and the major resistance at 106.10.

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

Previous Report

Support103.00102.55102.00101.40100.80
Resistance103.35103.80104.25104.80105.15
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 103.00, and taking profit at 103.80 and 104.80 and stop loss below 102.55 might be appropriate