empty
 
 
30.04.2013 03:01 PM
EurJpy remains bearish below 130.00/50. Prepare to go short again

This image is no longer relevant

Technical outlook and chart setups:

The single currency pair is still within the decreasing resistance, increasing support triangle formation as depicted here. It is recommended to initiate short positions again around the 130.00 mark, or on a break of 126.00. Intermediary support is at 125.00 region and a break lower would accelerate downfall towards 123.00/124.00 levels further. Till the time prices remain within the cone structure, a rally towards 130.00 level still remains possible before final reversal. As seen here, major support is at 119.00 level, while resistances are at 103.00/50 and 131.00 respectively. Looking lower below 130.00/50; sell rallies from here on.

Trading recommendations:

Look to enter short again between 129.50 and 130.00 levels.

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