Technical outlook and chart setups:
The currency pair has rallied after trading just shy of the 131.00 levels, as expected earlier. It is now recommended to exit long positions taken earlier, and initiate aggressive short positions at the current levels. Resistance is the 135.70 levels; while intermediary support begins from 133.30, followed by 131.00, 129.00 and lower. The overall structure might be unfolding as a possible head-and-shoulder pattern; the right shoulder is in formation at the current levels. If this prediction turns true, the downside extensions are 129.50 and 128.50 respectively as highlighted here. Only a break above 135.50 would nullify the bearish outlook here.
Trading recommendations:
Exit long positions. Enter short at 134.60/70, stop is at 135.90, target is at 128.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EURJPY is ready to fall now. Initiate short positions. 135.70/80 is resistance . Thanks for your support on EURJPY is ready to fall now. Initiate short positions. 135.70/80 is resistance
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