EurJpy at channel support again. Break here would be bearish
July 30, 2013 8:39 am
Technical outlook and chart setups:
Since the break of rising trend line which happened lately, the channel line has remained our focus to confirm the next trade direction. Prices are again testing channel support for now at around 130.00 level. A bullish bounce here would shift focus again towards 132.00 and higher; while a break would be bearish. For now it is recommended to remain long on positions initiated earlier. Resistance is around 133/134; while immediate support is at 128.00. The next big move should be unfolded in coming sessions though.
Trading recommendations:
Remain long for now, stop is at 128.00, and target is open. Sell on the channel line break.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Since the break of rising trend line which happened lately, the channel line has remained our focus to confirm the next trade direction. Prices are again testing channel support for now at around 130.00 level. A bullish bounce here would shift focus again towards 132.00 and higher; while a break would be bearish. For now it is recommended to remain long on positions initiated earlier. Resistance is around 133/134; while immediate support is at 128.00. The next big move should be unfolded in coming sessions though.
Trading recommendations:
Remain long for now, stop is at 128.00, and target is open. Sell on the channel line break.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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