EUR/JPY produces spinning top around 140.00 area. Implications should be bearish from here
December 4, 2013 9:45 am
Technical outlook and chart setups:
The single currency pair has finally reacted on the 139/140 area as we were expecting it to do so. Please note that a spinning top candlestick was formed yesterday hinting that the next move could be lower from here on. It is hence recommended to initiate short positions now (139.45), risk is 140.55 levels for now. There is high probability from current level to move lower, probably towards 134.00 if not more. On the flip side, a push above 140.00 would want to probe the possibility of touching 142.00 before reversing. Resistance is at 140.00 for now; while supports are at 137.00 region, followed by 134.00 and 131.00.
Trading recommendations:
Initiate short positions now (139.45), stop at 140.55, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has finally reacted on the 139/140 area as we were expecting it to do so. Please note that a spinning top candlestick was formed yesterday hinting that the next move could be lower from here on. It is hence recommended to initiate short positions now (139.45), risk is 140.55 levels for now. There is high probability from current level to move lower, probably towards 134.00 if not more. On the flip side, a push above 140.00 would want to probe the possibility of touching 142.00 before reversing. Resistance is at 140.00 for now; while supports are at 137.00 region, followed by 134.00 and 131.00.
Trading recommendations:
Initiate short positions now (139.45), stop at 140.55, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: