EURJPY breaks trendline support. 131.00 still holding
November 8, 2013 12:15 pm
Technical outlook and chart setups:
The currency pair has finally broken the immediate rising trend line support and has moved lower almost taking 131.00 levels. If stopped out, it is recommended to initiate sell positions after a rally now. As seen here, the broken line of support would act as resistance for any rallies from here on; around 132.75 region. Resistance levels are spread through 133.70/80 levels, followed by 135.00; while support levels are spread through 131.00, followed by 129.00 and lower. It is recommended that short positions should be initiated after a rally materializes.
Trading recommendations:
Initiate short positions around 13.75/133.00, stop at 134.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair has finally broken the immediate rising trend line support and has moved lower almost taking 131.00 levels. If stopped out, it is recommended to initiate sell positions after a rally now. As seen here, the broken line of support would act as resistance for any rallies from here on; around 132.75 region. Resistance levels are spread through 133.70/80 levels, followed by 135.00; while support levels are spread through 131.00, followed by 129.00 and lower. It is recommended that short positions should be initiated after a rally materializes.
Trading recommendations:
Initiate short positions around 13.75/133.00, stop at 134.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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