EUR/JPY should resume bearish extension lower, early next week.
July 12, 2013 11:27 am
Technical outlook and chart setups:
The currency pair is preparing to extend lower, as per chart setups for now. As depicted here, a head and shoulder formation could be materialized soon. Bottomline is, the resistance at 133/132 should hold well. It is recommended to hold short positions for now and add fresh as well. The downside extensions are pointing at 119.00 levels from here on, which is also converging with a strong support level earlier. A push below 128.00 levels and 126.00 would accelerate further downside towards the measured extension levels. Looking lower from here on.
Trade recommendations:
Remain short, stop at 132.00, target 119.00
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair is preparing to extend lower, as per chart setups for now. As depicted here, a head and shoulder formation could be materialized soon. Bottomline is, the resistance at 133/132 should hold well. It is recommended to hold short positions for now and add fresh as well. The downside extensions are pointing at 119.00 levels from here on, which is also converging with a strong support level earlier. A push below 128.00 levels and 126.00 would accelerate further downside towards the measured extension levels. Looking lower from here on.
Trade recommendations:
Remain short, stop at 132.00, target 119.00
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: