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EUR/JPY Intraday Technical Analysis

2012-11-01 12:48:11 (читать в оригинале)

 

 

The spot rate approaches the upper limit of its medium-term bearish channel at 104.10 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators do not provide clear signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement.
The spot rate is currently approaches the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 104.10 with the 1st objective at 103.50 and then at 103.30. A breakthrough of 104.30 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 104.10 with the 1st objective at 104.70 and then at 104.90. A breakthrough of 103.90 will invalidate this scenario.

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