Technical analysis of EUR/JPY for February 05, 2014
February 5, 2014 6:35 am
Technical outlook and chart setups:
1. Yesterdays’ price action is an indication to attempt a pullback. Aggressive trade setup is expected to initiate 50% long positions now (137.26). The risk remains at 136.00 at least.
2. Immediate supports are spread through 136.00 (intermediary) followed by 134.00 and lower, while resistances are spread through 142.00 followed by 143.00 and 145.50 respectively .
3. The structure reveals that prices could rally from current levels. It is also the fibonacci 0.618 support of the rally between 131.00 through 145.50. The resistance line is passing through 141.00 levels as seen in the chart.
Trading recommendations:
Initiate 50% long positions now, stop at 136.00 target open for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Yesterdays’ price action is an indication to attempt a pullback. Aggressive trade setup is expected to initiate 50% long positions now (137.26). The risk remains at 136.00 at least.
2. Immediate supports are spread through 136.00 (intermediary) followed by 134.00 and lower, while resistances are spread through 142.00 followed by 143.00 and 145.50 respectively .
3. The structure reveals that prices could rally from current levels. It is also the fibonacci 0.618 support of the rally between 131.00 through 145.50. The resistance line is passing through 141.00 levels as seen in the chart.
Trading recommendations:
Initiate 50% long positions now, stop at 136.00 target open for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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