EUR/JPY Weekly Technical Report 15-19/10/2012

 The upside move carried the pair into a sideways wave within a Symmetrical Triangle. The Linear Regression Indicators remain negative despite the upside move and Stochastic is approaching overbought areas. The upside move seems weak for now and breaching 102.60 is the only confirmation for the bullishness. From below, the main ascending support and the Symmetrical Triangle are restricting the downside move and accordingly our weekly outlook is neutral for now to observe trading and await further confirmations.

The trading range for this week is among key support at 98.75 and key resistance now at 104.65.

The general trend over short term basis is to the upside targeting 109.15 as far as areas of 98.75 remain intact with weekly closing.

Support    100.95    100.75    100.25    100.00    99.30
Resistance    101.60    102.10    102.60    102.85    103.10
Recommendation    Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move