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Technical CrossesEUR/JPY
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Midday Report
After stabilizing above 102.10 and 102.60, we move from netrality to positivity again as the formation of a harmonic shark pattern or the harmonic 0-5 pattern are now probable. We should not neglect that the pair`s failure to stabilize above 102.10 is considered extremely negative, however, since the pair is above that level, we expect an upside movement in today`s session.
The trading range expected for today is between the key support at 101.60 and the key resistance 104.60.
The short-term trend is to the upside targeting 109.15 as far as 98.75 remains intact.
The pair`s failure to settle below 106.25, and the 105.75 level couldn`t meet the negativity terms. However, simultneously, the top that has confirmed around 107.15 turned into resistance prohibiting us from betting on the extension of the bullishness, especially with the negativity seen on Stochastic. Therefore, we move from anticipating negativity to adopting complete neutrality for the rest of today`s session .
The trading range expected today is between the key support at 103.50 and the key resistance 108.85.
The short-term trend is to the upside targeting 109.15 as far as 98.75 remains intact at week`s closing.
| Support | 105.15 | 105.00 | 104.60 | 104.20 | 103.50 |
| Resistance | 105.75 | 106.25 | 106.75 | 107.00 | 107.25 |
| Recommendation | Based on the chart and explanation above, our opinion is to remain neutral. | ||||
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