Morning Report

eurjpy06_03_2012

The pair is still stable above the previously breached resistance shown above, but it is also biased to the downside with the start of the session today, which could pressure the pair to retest 23.6% Fibonacci correction at 106.90. Stochastic is almost within oversold areas, which supports our intraday upside move suggested for today. Our scenario depends on stability above 106.90, targeting 108.90.

The trading range for today is among the major support at 105.70 and the major resistance at 109.75.

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

Previous Report

Weekly Report

Support106.90106.00105.70105.00104.25
Resistance107.50108.30108.90109.75110.00
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 106.90, and taking profit at 108.30 and then 108.90 and stop loss below 105.70 might be appropriate