empty
 
 
22.02.2013 01:34 PM
EUR/JPY tests trendline support just below 123.00; flat for now

This image is no longer relevant

Technical outlook and chart setups:

Having booked partial profits, the remaining longs were stopped out yesterday at 123.00. As depicted in the daily chart, the currency pair is just testing the inner support line. A push through 123.75 is required now to reconfirm further upward movement of prices. It is recommended to remain flat for now before we get further clarity after today's price action. The 121.00 level is immediate support now, while resistance is just below 123.75 on smaller timeframes. A clear break down of the above trendline would open doors for further downside.

Trading recommendations:

Flat for now, biased towards the long side in case the trendline remains intact.

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback