Morning report

Same thing can be said for EUR/JPY pair as it isstill forming the fifth wave of the Elliott sequence while the harmonic butterfly seeks for a completion to activate the bearish sign appearing on RSI 14. Therefore we keep our overview to the downside on the intraday basis. The technical target of our proposed [A] wave is currently located at 135.50 zones

Trading range for today is among key support at 134.15 and key resistance now at 140.50.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 137.75 targeting 135.60 and stop loss above 139.60 might be appropriate.