empty
 
 
08.05.2013 12:20 PM
EurJpy holds resistance at 130.50. Remain short

This image is no longer relevant

Technical outlook and chart setups:

There is no change in the wave structure as it has been discussed since last few trading sessions. Resistance levels remain fixed at 130.50 and 131.00, while supports are fixed at 127.00 and 125.00 respectively. It seems wave 4 was completed yesterday at 130.50. More implications are for the pair to breakdown from here on. The cone support line is passing through 128.50 level at the moment. A break below that would accelerate downside towards 123.00 level in the coming sessions. It is recommended to remain short for now and also add positions on rally. Bottom line: Looking lower considering the wave structure, below 131.00.

Trading recommendations:

Remain short for now, stop is at 131.30/40, and target is open.

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