EUR/JPY loosing steam around 129.00 levels. Partial short positions can be initiated around 128.05/10
May 2, 2013 11:00 am
Technical outlook and chart settings:
As seen here, the single currency pair could not manage to rally beyond 129.00 levels yesterday. It is still a possibility that the pair rallies towards 130.00 levels and test resistance sloping line as well, before breaking down. But it is recommended to initiate at least partial short positions at current levels (128.05/10); to remain on the short side if break down happens from current levels. Again, major resistance is at 130.00 and 131.00 levels respectively and it is suggested to initiate remaining short positions if prices reach there. The downside possibility from here remains 123.00/124.00 levels. Bottomline: remain short and also sell rallies; looking lower now.
Trade recommendations:
Sell partial capacity at current price (128.05/10) and remaining at 129.50/130.00 stop at 131.30, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart settings:
As seen here, the single currency pair could not manage to rally beyond 129.00 levels yesterday. It is still a possibility that the pair rallies towards 130.00 levels and test resistance sloping line as well, before breaking down. But it is recommended to initiate at least partial short positions at current levels (128.05/10); to remain on the short side if break down happens from current levels. Again, major resistance is at 130.00 and 131.00 levels respectively and it is suggested to initiate remaining short positions if prices reach there. The downside possibility from here remains 123.00/124.00 levels. Bottomline: remain short and also sell rallies; looking lower now.
Trade recommendations:
Sell partial capacity at current price (128.05/10) and remaining at 129.50/130.00 stop at 131.30, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: