EURJPY looking to form a base ahead of 129.00 levels. Remain long
August 28, 2013 9:45 am
Technical outlook and chart setups:
The currency pair is moving in a triangle as it is depicted in the daily chart. It looks like the pair is bottoming around 129.50/130.00 for now. Furthermore, this is also fibonacci 0.618 support level. A bullish bounce should be encouraging long positions further and pushing the price higher towards a breakout. Hence, it is recommended to remain long for now with risk below 129.00. Immediate support is 129.00, though stronger support is at 128.00, followed by 125.00 and lower levels. Resistance is seen at 132.00/50 and 133.80. We are looking for higher movement from here.
Trading recommendations:
Remain long for now. Set stop below 129.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair is moving in a triangle as it is depicted in the daily chart. It looks like the pair is bottoming around 129.50/130.00 for now. Furthermore, this is also fibonacci 0.618 support level. A bullish bounce should be encouraging long positions further and pushing the price higher towards a breakout. Hence, it is recommended to remain long for now with risk below 129.00. Immediate support is 129.00, though stronger support is at 128.00, followed by 125.00 and lower levels. Resistance is seen at 132.00/50 and 133.80. We are looking for higher movement from here.
Trading recommendations:
Remain long for now. Set stop below 129.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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