Weekly Report

eurjpy02_04_2012

The pair was able to breach the level of 109.95 and settled above it to currently attack the pivotal resistance at 111.15, which represents the resistance level of the symmetrical triangle continuation pattern that supports the continuity of the upside move. Therefore, a breach of the mentioned level and stability above it might trigger an upside move this week, targeting mainly 112.65 and then 113.40. A breach of 108.90 should deactivate the effect of the suggested triangle.

The trading range for this week is among the major support at 108.90 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

Support110.50109.95108.90108.65107.50
Resistance111.15111.90112.65113.40114.15
RecommendationBased on the chart and explanations above, our opinion is buying the pair above 111.15, targeting 112.65 and 113.40 and stop loss below 109.95 might be appropriate