empty
 
 
07.08.2013 08:34 AM
EUR/JPY minimum downside expectations are around 127.00 level

This image is no longer relevant

Technical outlook and chart setups:

Now the currency pair has broken the support channel indicating further weakness. As it is depicted here, the minimum downside expected levels could be just above 127.00 level. A push below 127.00 could drag the price lower though. It is recommended to reduce risk on short positions now and to continue holding short positions. Resistance is at 132.00, followed by 132.60/70 and 133.80/134.00, while support is around 128.00. It is quite possible that this correction could be in 3 waves and end around the fibonacci 0.618 support levels near 126/127 levels during the rally within 125.00 and 132.50 levels.

Trading recommendations:

Remain short, stop at 132.00, target is 127.5

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