Morning Report

eurjpy20_03_2012

The pair breached successfully the level of 109.95 and provided a daily closing above it, which supports our positive expectations to remain valid today, targeting mainly 110.95 and then 111.90. The negativity of momentum indicators might trigger fluctuations around the breached level before continuing the suggested upside move. Our positive scenario depends on stability above 109.95.

The trading range for today is among the major support at 108.95 and the major resistance at 111.90.

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

Previous Report

Weekly Report

Support109.95109.40108.95108.35107.50
Resistance110.95111.90112.65113.40114.15
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 109.95, targeting 110.95 and 111.90 and stop loss below 108.95 might be appropriate