Morning Report

eurjpy23_02_2012

The pair remained stable above 106.00 which is a positive signal supporting our expectation for the pair to resume the intraday upside move today. The negativity on momentum indicators might keep the sideways fluctuations for some time, yet the main target for today resides at 108.10 and requires stability above 106.00-105.80.

The trading range for today is expected among the key support at 105.55 and the key resistance at 108.10.

The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.

Previous Report

Weekly Report

Support106.00105.80105.55105.00104.25
Resistance106.70107.30108.10108.80109.00
RecommendationBased on the charts and explanations above our opinion is buying the pair around 106.00 targeting 107.20 and 108.10 and stop loss with four-hour closing below 105.40 might be appropriate