empty
 
 
29.06.2011 12:14 PM
EUR/JPY Possible Bullish Opportunity - June 29, 2011

This image is no longer relevant

17 March candlestick marked in the chart came as a very nice hummer indicating strong bullish rejection of support level 106.80 .

Since beginning of May 2011 price has been consolidating between 38.2% - 61.8% Fibonatcci levels .

Watching 61.8% Fibonatcci level , we notice the nice bullish reaction of the daily candlesticks as Full Body bullish candlesticks .

This image is no longer relevant

On 4H timeframe we had a broken downtrend line successfully retested as marked in the chart .

Then we had a successful break of the resistance level 115.70 .

Also we notice the uptrend line on the MACD indicator marked in the chart .

Based on the previous Analysis :

The view for the pair is bullish

Best BUY area is the retest of the broken resistance level 115.70 now acting as support .

TP for long positions is 116.50 , 117.00 .

SL should be 4H closure below 114.90 .

 

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback