Midday Report

In addition to the [4h] bearish harmonic AB=CD pattern which we discussed several times before, the daily candlestick construction shows that, the EUR/JPY pair is still affected by last Friday's negative closing; while momentum indicators show obvious overbought sign. Therefore, we keep our overview to the downside for the rest of the day.

The trading range for today is among key support at 132.50 and key resistance now at 138.20.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationOur morning expectations remain valid