Morning Report

eurjpy20_04_2012

The pair successfully closed the session yesterday above 107.00, which activated our suggested intraday upside scenario that targets areas around 108.45 and then 110.00. SMA 50 supports our positive expectations, while consolidation above 107.00-106.80 over daily basis is required for the suggested bullishness to remain strong.

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

Support107.00106.35105.80105.00104.25
Resistance107.50108.00108.45108.95109.40
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 107.00, targeting 108.45 and stop loss above 106.35 might be appropriate