empty
 
 
30.05.2012 10:14 AM
EUR/JPY Intraday Technical Analysis

This image is no longer relevant
 

The spot rate is presently testing the intermediate support of its medium term bearish channel at 98.80 and is likely to rebound. However, a breakdown of these levels will release significant potential enabling to reach its lower limit in 98.00.

Technical indicators provide buyers signals and as long as the support is not broken, the assumption of a rebound is true. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Taking into account to previous events, the market will provide a bullish opportunity at the level of 98.80 with the 1st objectives seen at 99.40 and 99.60 levels. A break through 98.60 will cancel this scenario.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2026
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 $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
  • 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