empty
 
 
27.05.2016 12:54 PM
Technical analysis of EUR/JPY for May 27, 2016

According to the daily chart, EUR/JPY is clearly trending down. The pair rejected the 200D Moving Average and broke below the descending channel.

Fibonacci applied to the channel breakout point shows that during this week pair rejected the R1 (124.00) resistance for several times and could now be ready to move lower once again. At the same time, the price broke below the S1 (122.00) support with the daily close below it.

Consider selling EUR/JPY at the current rate (122.65) targeting the S2 (118.80) support level. The stop loss should be just above the R1 (124.00)

Support: 122.00, 118.80

Resistance: 124.00, 125.55, 127.15

This image is no longer relevant

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