EurJpy oscillating within range. 130.00/50 remains resistance
April 29, 2013 11:30 am
Technical outlook and chart setups:
As seen on the 4H chart setup here, the single currency pair has been trading within the range 125.00-130.00 in a decreasing resistance increasing support fashion. After a huge rally from sub 90.00 level to 130.00 level, the pair should retrace before rallying further, but that cannot be confirmed before break of 125.00 level. It also remains possible that the pair rallies one last time towards 132.00 level before finally reversing sharply. It is recommended to remain cautious about buying for now; rather one can book profits on short positions taken earlier and wait to sell on rallies towards 130.00 level. Resistance is at 130.20/50 levels, followed by 131.00, while immediate support for now is 125.00. Only a break of 125.00 would confirm bearish reversal.
Trading recommendations:
Book profits on short positions. Plan to sell rallies towards 130.00 again.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
As seen on the 4H chart setup here, the single currency pair has been trading within the range 125.00-130.00 in a decreasing resistance increasing support fashion. After a huge rally from sub 90.00 level to 130.00 level, the pair should retrace before rallying further, but that cannot be confirmed before break of 125.00 level. It also remains possible that the pair rallies one last time towards 132.00 level before finally reversing sharply. It is recommended to remain cautious about buying for now; rather one can book profits on short positions taken earlier and wait to sell on rallies towards 130.00 level. Resistance is at 130.20/50 levels, followed by 131.00, while immediate support for now is 125.00. Only a break of 125.00 would confirm bearish reversal.
Trading recommendations:
Book profits on short positions. Plan to sell rallies towards 130.00 again.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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