Morning Report

eurjpy24_04_2012

The pair closed the session yesterday around SMA 50, while starts the session yesterday with significant negativity, which drives us to remain neutral now, where we recognize a bearish technical structure shown above on the chart and might be completed with the breach of 105.15. But on the other hand, a breach of 160.80 and then 107.70 probably will trigger the return of the upside move.

The trading range for today is among the major support at 105.15 and the major resistance at 107.70.

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

Previous Report

Weekly Report

Support106.35105.85105.15104.25103.25
Resistance106.80107.00107.70108.45108.95
RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations