- 06-02-2011, 17:07 #1
- Join Date
- May 2009
- Friends 8
- Likes Received
- Rep Power
EURJPY by Instaforex
Hi Marķa here. I am sharing with you the EURJPY analysis hope it will help you trade better.
Did you know?
Do you have micro and mini accounts?
Yes, we have. However, trading in InstaForex is executed with micro and mini lots. It means that you can trade by 0.01 lot in InstaForex which is equal to micro account. More about Instaforex http://www.fx-megaforex.com/home1.htm
Early on the Daily chart , The EUR/JPY pair formed a very strong bullish hummer at the level of support 106.80 (which is a previous low) indicating further upside movement
Strong upside movement followed this signal up to 123.35 from which the price began to make lower highs and lower lows
After reaching the 61.8% Fibonatcci price has been consolidating inside a bullish channel making higher lows indicating weakness of bears at this junction of the chart
The upper limit of the current channel and 38.2% level provided temporary resistance for the price which led the pair down to 116.00 as we expected .
Failure of the price to break the upper side of the channel led the pair down to 116.00 which is a good support level on the medium term.
It's important to notice that 116.00 is also the backside of the broken downtrend .
Based on the previous analysis :
There's a long opportunity as long as the level 116.00 holds the price above
Best price to buy at is near 116.00 level with initial target at 117.60 then 118.50 .
SL for long position should be placed below 114.40 .
Have a great day!
Smart solutions for your professional trading
- By tean in forum Forex BrokersReplies: 1Last Post: 07-12-2012, 09:29
- By Forexman21 in forum Forex BrokersReplies: 13Last Post: 01-07-2012, 21:53
- By ChartWizQ in forum GENERAL FOREX DISCUSSIONSReplies: 3Last Post: 05-23-2011, 04:10
- By Bichiz in forum Forex Signals and TradesReplies: 0Last Post: 02-15-2011, 16:31
- By Mike in forum Forex Signals and TradesReplies: 4Last Post: 11-22-2010, 15:34