empty
 
 
07.05.2012 10:55 AM
EUR/JPY Intraday Technical Analysis

This image is no longer relevant
 

The spot rate has broken the intermediate support of its medium term bearish channel at 104.10 resulting in acceleration. A pull back on these levels is expected before the lower limit of its channel in 101.80 has been reached.

Technical indicators provide buy-signals and evolving in the oversell zone supports the assumption of a pull back. Bollinger bands are much discarded due to the strong decline that took place these days. The situation will be stabilized soon.

According to previous events, the market indicates a bearish opportunity at levels of 104.10 with 103.50 and 103.30 considered as first objectives. A breakdown in the point 104.30 will invalidate this scenario.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $8000 more!
    In March we raffle $8000 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
  • 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