EurJpy at the triangle resistance above 129.00. Be watchful
April 19, 2013 8:15 am
Technical outlook and chart setups:
The single currency pair is offering trading opportunities on both sides as discussed yesterday and what is seen on the chart view here. 129.00/10 is where the sloping line of resistance passing right now, exactly where the pair is trading. A bullish breakout here will push it towards 130.00 and above in a flash. On the other side, a bearish reversal on the resistance line should be respected and sold. This would take prices below the 125.00 mark. Therefore, it is recommended to be watchful on the smaller timeframes and act according to price reactions. Holding long positions for now is a good strategy but a bearish reversal should be sold.
Trading recommendations:
Hold long positions for now, move stop to 126.00. If prices reverse from sloping trendline, then reverse trades. Upside target is open for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair is offering trading opportunities on both sides as discussed yesterday and what is seen on the chart view here. 129.00/10 is where the sloping line of resistance passing right now, exactly where the pair is trading. A bullish breakout here will push it towards 130.00 and above in a flash. On the other side, a bearish reversal on the resistance line should be respected and sold. This would take prices below the 125.00 mark. Therefore, it is recommended to be watchful on the smaller timeframes and act according to price reactions. Holding long positions for now is a good strategy but a bearish reversal should be sold.
Trading recommendations:
Hold long positions for now, move stop to 126.00. If prices reverse from sloping trendline, then reverse trades. Upside target is open for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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