Morning Report

eurjpy28_02_2012

The pair closed the session yesterday at the previously breached resistance of the descending main channel shown above, which supports the suggested intraday upside move to remain valid, supported by SMA 50. But, the negativity seen on momentum indicators could force downside pressures on the pair and trigger some fluctuations during the coming period are the retest level at 107.90.

The trading range for today is among the major support at 106.95 and the major resistance at 110.75.

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

Previous Report

Weekly Report

Support107.90106.95106.00105.80105.55
Resistance108.90109.75110.00110.75111.90
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 107.90, and taking profit at 108.90 and then 109.75 and stop loss below 106.95 might be appropriate