empty
 
 
03.06.2015 09:23 AM
Technical analysis of EUR/JPY for June 03, 2015

This image is no longer relevant

Technical outlook and chart setups:

The EUR/JPY pair is trading around 138.14 now after reversing from 138.85 yesterday. The pair rose through the level of 137.00 (taking stops out), and reached 138.50 and above as expected. The pair seems to have completed 5 waves from 126.00 levels and a meaningful correction can be expected lower, in 3 waves. It is hence recommended to initiate short positions now with risk above 139.00. Immediate support is seen at the level of 135.00 followed by 133.00, 131.50, and lower while resistance is seen at 139.00 and higher respectively.

Trading recommendations:

Initiate short positions now, stop is at 139.30, a target is open.

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 $1000 more!
    In April we raffle $1000 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