Morning Report

eurjpy18_04_2012

The closing held above the main resistance mentioned in our last reports and the pair started trading positively attacking 50 MA in an attempt to confirm further bullishness. We have conflicting technical signals from the resistance the MA 50 offers and the possibility of forming a bearish technical pattern with the neckline at 105.30 and the positive closing from yesterday and the upside move from Stochastic. Therefore, we remain neutral now and will observe trading around 105.75 and 105.30 support and 106.80 and 107.05 resistance.

The trading range for today is expected among the key support at 105.00 and the key resistance at 108.45.

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

Previous Report

Weekly Report

Support106.10105.75105.30105.00104.25
Resistance106.80107.05107.50108.00108.45
RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations