empty
 
 
03.10.2012 11:43 AM
EurJpyPreparing To Resume Down Towards 98.00 and 97.00 Levels

This image is no longer relevant

 

Technical Outlook and Chart Setups:

 

An interim resistance at 101.00 level has been breached. Let’s look into the wave structure once again:
1. The drop from 104.00 level serves as an impulse (5 waves).
2. Rally from 99.60 to 101.30 (yesterday’s highs) is in 3 waves.
It is safe to consider, that a wave 3 is set to resume a move down towards the 98/97 levels, which is also being reinforced by the 0.618 retracement of the entire rally between 94.00 and 104.00 lately. Taking this count into consideration, it is recommended to reenter selling prices here. Intraday rallies towards 101.00 level should be sold for now.

 

Sell intraday rallies towards 101.00 level, stop above 102.00, target 98.00 at least.

 

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 $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