EUR/JPY
Review- In yesterday's article we recommended to sell to a target at 136.87, the pair made a low of 136.68 levels.
Technical view-
The pair drifts to a five-month low trading at 136.83 levels.
In the weekly chart, the pair hits the 50 WSma and trading below that.
In the daily chart, the pair is trading below the daily-, weekly- and medium-term moving averages.
On the down side, the pair has support at 136.20-136 levels. If the euro hits the 136 level, gates to a steep fall to 135.50, 134.20, 132.40 (200DSma) and 131.20 levels will open. The weekly RSI is traveling to the South. But the daily RSI is oversold and hourly RSI is in extremely oversold conditions.
Support 136.20-1.36, 134.20, 132.40.
Resistance 137.75, 138.70, 140.
For the hourly trading purpose, the pair is trading below the hourly moving averages. The pair has resistance at 137.40, 137.77 levels. The hourly momentum oscillators are indicating an extremely oversold signs. We expect the pair to take support at 136.60, if not it can extend its fall to 136.20.
Safe traders can buy at 136.25 with sl 136.
This trade involves high risk, not suitable for every trader.
Those who would like to take a small risk, can try this for a target at 136.60, 1.37 and 137.40.
A day close below 136, it can fall to 134 initially. Sell again below 136.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for July 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 18, 2014
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