Morning Report

eurjpy30_03_2012

The bearishness seen yesterday completed the second top of the double top pattern as shown above, but the pair rebounded to the upside after the support level of 108.65 stood still against the bearishness. The pair is moving narrowly between the level of 108.65, which should confirm the suggested double top pattern, and the level of 109.95, which represents the neckline of the bullish technical pattern shown on the chart. Therefore, we remain neutral now, observing the pair's behavior around the mentioned levels.

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 Repor

Support108.95108.65107.50107.00106.05
Resistance109.95110.50111.15111.90112.65
RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations