Morning Report

eurjpy17_04_2012

The pair remained stable below the main resistance that declined now to 105.80 areas, at the time we did not attain a daily closing below 105.25. As we mentioned in our weekly report, this factor will accelerate the expected downside move towards the targets that start at 104.25 then 103.25. Stability below 105.80 is required for our expectations to remain valid.

The trading range for today is expected among the key support at 103.25 and the key resistance at 106.80.

The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.

Previous Report

Weekly Report

Support105.00104.25103.25102.55101.75
Resistance105.80106.75107.50108.00108.45
RecommendationBased on the charts and explanations above our opinion is selling the pair around 105.80 targeting 104.25 and stop loss above 106.80 might be appropriate