empty
 
 
11.04.2013 12:38 PM
EurJpy remains sideways at 130.00. Breakdown highly probable

This image is no longer relevant

Technical outlook and chart setups:

The daily chart view depicts a hanging man candlestick formation for now. This is an indication of highly probable reversal ahead. It is recommended to remain short from yesterday and also look to sell intraday rallies towards 130.30. The 4H chart has been showing exhaustion since last 2 trading sessions around 130.00/30 levels. This region is also re-enforced by Fibonacci resistance as discussed yesterday. Immediate support remains fixed at 119.00 level for now. It is expected that a meaningful recovery should be on its way at least towards 124.00-123.50 levels from here. Looking lower.

Trading recommendations:

Hold on to short positions, stop is at 130.80, and target is open.

Good luck!

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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