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EUR/JPY Intraday Technical Analysis

2012-08-30 11:55:33 (читать в оригинале)

 

 

The spot rate is actually testing the upper limit of its short term bearish channel at 98.80 suggesting a decline. However, a break of this level will free a large potential and initiate violent bullish channel.

 

Technical indicators do not provide clears signals but until the resistance is not broken the hypothesis of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
As the spot rate tests the upper limit of its channel, we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest selling at the level of 98.80 with the 1st objective at 98.20 and then at 98.00. A breakthrough 99.00 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 98.80 with the 1st objective at 99.40 and then at 99.60. A breakthrough 98.60 will invalidate this scenario.

The material has been provided by Instaforex Company - instaforex.com