Morning Report

eurjpy28_03_2012

The pair remained steady above the pivotal resistance at 109.95, which supports the suggested intraday upside move to remain valid, while the positive effect of the bullish technical structure that was completed with the breach of the mentioned level continues. Stochastic is positive, which supports our positive expectations. A clear breach of 111.15 is required to confirm our outlook.

The trading range for today is among the major support at 108.95 and the major resistance at 112.65.

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

Previous Report

Weekly Report

Support109.95109.40108.95108.65107.50
Resistance111.15111.90112.65113.40114.15
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 109.95, targeting 111.10 and 111.90 and stop loss below 108.95 might be appropriate