Euro vs. Japanese Yen Morning Report (2009-10-14)

By @ibtimes on

Morning Report

The bullishness of our previous discussed classical pattern has been limited around 133.60 instead of 134.15-check the analysis here- as the pair succeeded in forming a bearish harmonic pattern with a potential reversal zone around the above mentioned areas. Hence, our intraday outlook will be to the downside, supported by the negative candlestick formation. A break of 131.90 will accelerate the highly predicted bearishness towards 130.50 zones.

The trading range for today is among key support at 128.30 and key resistance now at 135.50.

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

Support131.90131.20130.50130.05129.60Resistance132.80133.15133.60134.15134.85RecommendationBased on the charts and explanations above our opinion is, selling the pair from 132.50 targeting 130.60 and stop loss above 134.15 might be appropriate

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