Technical analysis of EUR/JPY for January 10, 2014.
January 10, 2014 5:15 am
Technical outlook and chart setups:
1. Prices have remained seemingly unchanged since yesterday. After breaking the immediate support line, the EUR/JPY has consolidated for a while now. Aggressive trade setup would be to initiate long positions now at 142.70/80. Risk remains at 141.50.
2. Immediate resistance is at 145.50, while supports are spread through 141.50 (intermediary), followed by 141.00, 138.20, and lower.
3. The following possibilities are emerging. i) A counter trend rally expected towards 144.20/50 and resumption of downswing. ii) A break higher of 145.00 could possibly see 146.00/147.00.
Trading recommendations:
Go long (142.70), stop is at 141.50, target is at 144.00/50.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Prices have remained seemingly unchanged since yesterday. After breaking the immediate support line, the EUR/JPY has consolidated for a while now. Aggressive trade setup would be to initiate long positions now at 142.70/80. Risk remains at 141.50.
2. Immediate resistance is at 145.50, while supports are spread through 141.50 (intermediary), followed by 141.00, 138.20, and lower.
3. The following possibilities are emerging. i) A counter trend rally expected towards 144.20/50 and resumption of downswing. ii) A break higher of 145.00 could possibly see 146.00/147.00.
Trading recommendations:
Go long (142.70), stop is at 141.50, target is at 144.00/50.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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