empty
 
 
30.01.2015 03:19 PM
Technical analysis of EUR/JPY for January 30, 2015
This image is no longer relevant

Technical outlook and chart setups:

The EUR/JPY pair seems to be correcting lower towards the levels of 132.00/131.75 before resuming rally towards 138.00 and higher. It is recommended to remain long for now and also look for adding further on dips into 132.00. Immediate support is seen at 132.30 (interim), followed by 131.75 (fibonacci 0.618) and lower while resistance is seen at the levels of 134.00, followed by 137.50, 138.00 and higher, respectively. Bulls should be poised to remain in control untill prices remain above the levels of 130.00 from here on. Please keep the bigger picture in mind: "The drop from the levels of 149.80 has been in 5 waves. A 3 wave corrective rally is on cards towards the levels of 142.30 from here."

Trading recommendations:

Remain long, stop is at 130.00, target is 138.00 for now.

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