empty
 
 
04.02.2014 05:53 AM
Technical analysis of EUR/JPY for February 04, 2014

This image is no longer relevant

Technical outlook and chart setups:

1. The EUR/JPY pair has been drifting lower without producing a pullback as expected. It is now recommended to await prices towards 135.00 levels before going long.

2. Immediate resistance is at 143.00, followed by 145.00/50, while supports are spread through 134.00, 131.00, and 128.00/29.00 respectively.

3. The structure reveals that prices could reach 135.00 before rallying further up. Also please note that the support trend line is passing through the same area; hence, a bullish bounce there should be bought.

Trading recommendations:

Remain flat for now. Look to enter buying around 135.00.

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