empty
 
 
18.07.2013 10:41 AM
EurJpy prints intraday highs before pulling back. Remain short

This image is no longer relevant

Technical outlook and chart setups:

The single currency pair printed intraday highs above 131.00 region yesterday before closing the day lower. The overall wave structure still remains constructive for bears, till prices are below 132.00 level. It is recommended to remain short for now and add fresh positions on rallies. Resistance remains above 132.00 and 133/34 region; while support is seen at 119.00 and lower. The head and shoulder setup still remains valid until prices remain well below the 132.00 mark. Only if prices remain sideways in this range for long, we should consider other trading options. Looking lower for now.

Trading recommendations:

Remain short for now, stop is at 132.50, 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