empty
 
 
13.07.2012 02:57 PM
EurJpy May Pullback Before Fresh Lows

This image is no longer relevant

 

 

Technical Outlook and Chart Setup:
Let’s have a look at the wave chart above.
1. The single currency pair is in its final stage down towards 94.00 and 93.00 levels.
2. An intermediate downswing structure seems to be done at yesterdays' low 96.30/50 levels.
3. An upswing may materialize towards 98.50-99.00 levels before the final downswing resumes. 98.50 is regarded as past support turned to resistance now. Intermediary support now comes in at last swing low near 95.50. We are expecting the upswing first, then the downswing to materialize.
Trading Recommendations:
1. Cover yesterdays' short positions, if taken.
2. Short term aggressive trading strategy would be to Buy now, stop at 95.00, target at 98.50/99.00
3. More conservative approach would is expected for a short entry at 98.50/99.00 levels

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