Tuesday, 28 May 2013

EurJpy: Extensions seen at 134.25. Risk is at 130.00 Trend News


Technical outlook and chart setups:


The single currency pair has rallied through 132.00 level today, 200 pips above last week's low at 130.00. It is recommended to continue holding long positions for now and tighten risk to 130.00 or break even levels. Immediate support is fixed at 130.00 as discussed earlier, followed by 129.00, 126.00, and 125.00 respectively. Fibonacci resistance is at 134.25 now, which is also our measured target for long positions. Structurally, the current rally looks to be the last one, before a meaningful reversal could take place. Bottom line: bullish above 130.00.


Trading recommendations:


Remain long, stop is at 130.00 or at break even levels, and target is at 134.00.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com



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