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EUR/JPY Intraday Technical Analysis

2012-11-15 11:54:51 (читать в оригинале)

 

The spot rate approaches the upper limit of its medium-term bearish channel at 102.50 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators provide sell signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in the short term.
The spot rate is currently testing 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 102.50 with the 1st objective at 101.90 and then at 101.70. A breakthrough of 102.70 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 102.50 with the 1st objective at 103.10 and then at 103.30. A breakthrough of 102.30 will invalidate this scenario.

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