Euro vs. Japanese Yen Morning Report (2009-09-16)

  @ibtimes on September 16 2009 2:27 AM

Morning report

The pair is trappedwithin a very narrow range since yesterday, below the broken trend line of the harmonic formation, testing it while indicators show definite negative signs, proving that it's losing the upside momentum gradually. Therefore we keep our outlook to the downside over the intraday basis under the negative pressure of our detected [C] wave of the short term Elliott sequence.

Trading range for today is among key support at 129.80 and key resistance now at 136.60

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

Support133.00132.50132.00131.40130.70Resistance133.65134.15134.80135.50136.10RecommendationBased on the charts and explanations above our opinion is, selling the pair from 133.65 targeting 131.70 and stop loss above 135.20 might be appropriate.

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