empty
 
 
17.05.2012 10:38 AM
EUR/JPY Is Setting Up For A Pullback - Technical Analysis and Trading Recommendations

This image is no longer relevant

 

Technical Outlook and Chart Setups:

Structurally, EUR/JPY is unchanged and the wave formation also remains similar since last 36 hours. As depicted above, having met the first downside extension level at 102.00 yesterday, the single currency is trying to initiate a counter trend rally towards the 104.00/25 levels. We expect this rally to begin today or tomorrow; in case of a failure to this count, it will breakdown to the 100.50 level straight away. It is advisable to book partial profits and again re-enter on a counter-trend rally.

Trade Recommendation:

Sell at around 104.00/25, stop at 105.50, now targetting at 100.50 (after a counter rally).

 

Good Luck !

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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 $8000 more!
    In March we raffle $8000 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