Morning Report

eurjpy06_04_2012

SMA 50 has been able to stop the sharp decline yesterday and now, the pair is achieving a slight correction to relieve momentum indicators. In general, more downside actions might be seen today targeting 106.00 but 108.45-neckline of double top pattern- might be retested before resuming the bearish rally.

The trading range for today is among the major support at105.70 and the major resistance at 108.95.

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

Previous Report

Weekly Report

Support107.05106.00105.70105.00104.25
Resistance107.50108.00108.45108.95109.40
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 108.45, targeting 107.00 and 106.00 and stop loss with above 109.40 might be appropriate.