Morning Report

eurjpy22_03_2012

The pair reversed sharply to the downside, retesting the previously breached neckline at 109.95, where the pair is still stable and might extend the intraday upside move today. Trading above 111.05 should support our suggested bullish scenario.

The trading range for today is among the major support at 109.95 and the major resistance at 113.40.

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

Previous Report

Weekly Report

Support109.95109.40108.95109.35107.50
Resistance110.50111.05111.90112.65113.40
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 109.95, targeting 111.05 and 111.90 and stop loss below 108.95 might be appropriate today