EUR/JPY Weekly Technical Report 3-7/12/2012

ecPulse
2012-12-03 08:09AM UTC

 

 

 

Positive trading conitnues within levels considered crucial because they represent the Potential Reversal Zone (PRZ) for "BC" leg of the suggested harmonic pattern shown on the chart above. However, the pair is trading above 106.25 and couldn`t reach 109.15, it is also relatively well above the main resistance of the bullish wave; these signs render Risk/Reward Ratios inconvenient despite negativity on Momentum Indicators. Therefore, our believe it is optimal to stay aside and look for clearer signs for direction this week .

The trading range expected this week is between the key support at 105.15 and the key resistance 109.15.

The short-term trend is to the upside targeting 109.15 as far as 98.75 remains intact at week`s closing.

Support 107.00 106.75 106.25 105.15 105.00

Resistance 107.25 107.80 108.20 108.85 109.15

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move

 

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