Morning Report

eurjpy16_03_2012

The pair is fluctuating within a sideway range since yesterday, holding position above 109.00, while we are still waiting a clear breach of the pivotal resistance at 109.95 to activate the positive effect of the bullish technical pattern shown above. The negativity seen on momentum indicators weakens the suggested incline and triggers sideway fluctuations, awaiting the pair to collect momentum and perform the suggested upside move. The incline seen requires a breach of the mentioned resistance in addition to stability above 108.30.

The trading range for today is among the major support at 107.10 and the major resistance at 110.95.

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

Previous Report

Weekly Repor

Support108.95108.35107.50107.00106.05
Resistance109.95110.95111.90112.65113.40
RecommendationBased on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 109.95, targeting 110.95 and 111.90 and stop loss below 108.95 might be appropriate