Technical Cross Report (8/23)

Midday Report

The EUR/JPY is moving within a very narrow range but features of positive divergence started to appear on the four-hour chart. The current levels represent the combination of Fibonacci 127.2% of XA and 261.8% of BC.That is why we thinkthe aforesaid levelswill provide the pair with solid support. Consequently, we hold onto our positive speculations for the rest of the day.

The trading range for today is among key support at 107.00 and key resistance now at 110.50.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Weekly Report