Morning Report

eurjpy02_03_2012

The pair is still stable above the retest level of the breached resistance at 107.65, while Stochastic approaches oversold areas and SMA 50 continues to support the pair from below. Therefore, we expect an intraday upside move today, targeting mainly 110.75, while consolidation above 107.65 is required for our expectations to prevail.

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

Support107.65106.95106.00105.80105.55
Resistance108.90109.75110.00110.75111.90
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 107.65, targeting 108.90 and then 109.75 and stop loss with 4-hour closing below 106.95 might be appropriate