Morning Report

eurjpy08_03_2012

The pair found strong support around 105.60 and then rebounded to the upside approaching the main resistance at 107.40, where Stochastic provides strong support over intraday basis. Therefore, we suggest an upside move today, depending on a clear breach of 107.40 and then consolidation above 106.05. Our main targets are at 109.90.

The trading range for today is among the major support at 105.60 and the major resistance at 109.90.

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

Previous Report

Weekly Report

Support106.90106.05105.70105.00104.25
Resistance107.40108.30108.90109.95110.00
RecommendationBased on the chart and explanations above, our opinion is buying the pair with a breach of 107.40, targeting 109.90 and stop loss below 106.05 might be appropriate