Forex Analysis & Reviews: 08.05.2013 - EUR/JPY technical analysis...

08.05.2013 03:24 PM

EUR/JPY technical analysis for May 8, 2013

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Overview:

The EUR/JPY's subsequent sharp fall suggests that a decline from 130.80 a month ago had resumed to 126.00 (strong support). The pair has already formed a strong resistance at the level of 130.80 and it is now approaching it in order to test it. Also it should be noted that the price is still trapped between 126.20 and 130.80 and has been set below strong resistance at the level of 130.80. Therefore, the fact that the yen will move downwards is rather convincing. The structure of the fall does not look corrective. It is likely to indicate a bearish opportunity below 130.80 (you should keep in mind that the weekly pivot point is at 128.45). It will be a good sign to sell below 130.80 with the first target at 129.50 and it will call for downtrend to continue moving towards 126.56 (around 61.8% of Fibonacci retracement levels in the H4 chart.

Furthermore, it should also be said that the price at 126.00 will probably form a double bottom and call for a strong support. So it will be saturation around 126.20 to rebound the pair. The market might also be going to start showing the bullish signs. In other words, it will be a good sign to buy above 126.00 with the first target of 129.00 and continue towards 130.80.

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