empty
 
 
11.06.2014 10:35 AM
Technical analysis of EUR/JPY for June 11, 2014
This image is no longer relevant

Technical outlook and chart setups:

1. The ERU/JPY pair has now retraced towards 138.30 levels from 140.00 levels, as expected and discussed earlier. The pair looks to be turning bullish again from 130.30/40 levels on the shorter time frames (1 h). Recommendations are to initiate long positions now (138.40/43), risk remains at 138.00 levels for now.

2. Support is seen at 138.00 (interim), followed by 136.50, 134.00 and lower, while resistance is seen at 140.00 (interim), followed by 141.00, 142.50/143.00 and higher up respectively.

3. The structure indicates that EUR/JPY bulls could regain control from current levels, if prices stay above 138.00 levels.

Trading recommendations:

Initiate long positions now (138.40/43), stop below 138.00, 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