Morning Report

eurjpy19_04_2012

The pair settled yesterday around SMA 50, but slightly below it without providing a daily closing above this level, which is awaited to confirm the extension of the bullishness. As shown above on the minor image, we recognize a possible bullish technical structure that might be completed in case the pair breached and provided a daily closing above the level of 107.00 and also if the pair settled above 105.65. In result, we remain neutral today, observing the pair's behavior around the mentioned critical areas, awaiting the suggested pattern to be completed.

The trading range for today is among the major support at 105.00 and the major resistance at 108.45

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

Previous Report

Weekly Report

Support106.10105.65105.30105.00104.25
Resistance107.00107.50108.00108.45108.95
RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations