empty
 
 
26.10.2012 12:10 PM
EUR/JPY Intraday Technical Analysis

This image is no longer relevant
 

 

The spot rate is currently testing the intermediate support of its medium-term bearish channel at 103.40 suggesting a rebound. However, a break of these levels will reach the lower limit of its channel at 102.70.
Technical indicators do not provide clear signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands are stabilized showing a more regular volatility.
The spot rate is currently testing the intermediate support of its channel, we suggest 2 scenarios. The first one is the hypothesis of a rebound where we recommend a buy on the level of 103.40 with the 1st objective at 104.00 and then at 104.20. A breakthrough of 103.20 will invalidate this scenario. The second scenario is a break of its support where we recommend a “sell stop” which means to sell the spot rate as soon as it is broken through its support of 103.40 with the 1st objective at 102.80 and then at 102.60. A breakthrough of 103.60 will invalidate this scenario.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
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