Morning Report

eurjpy23_03_2012

The pair closed the session yesterday below the pivotal levels of 109.95 and 109.00, which stops the positive effect of the bullish technical pattern shown above on the main chart, but on the other hand, the bearishness stopped at the previously breached neckline of the bullish minor technical pattern seen over 4-hour basis, which in result might support the pair to rebound again. Therefore, we remain neutral observing the pair around the critical levels of 108.65 and 109.95 for more confirmations regarding the pair's next move.

The trading range for today is among the major support at 107.50 and the major resistance at 111.10.

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

Previous Report

Weekly Report

Support108.95108.65107.50107.00106.05
Resistance109.40109.95110.50111.10111.90
RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations