empty
 
 
13.05.2016 11:12 AM
Technical analysis of EUR/JPY for May 13, 2016

This image is no longer relevant

Technical outlook and chart setups:

The EUR/JPY pair reversed exactly from 124.5/600 levels as had been expected and discussed earlier. Please note that a significant engulfing bearish candlestick pattern is appearing to confirm a bearish reversal ahead.The pair backed off lower and is seen to be trading at 123.38 levels for now. Please note that all intraday rallies should remain well capped below 124.60 levels. It is recommended to remain short now, with risk above 124.60 levels. Immediate resistance is seen at 124.60 levels, while support is at 122.50 levels respectively. On the flip side, a push above 124.60 and the trend line resistance would change the existing bearish view.

Trading recommendations:

Remain short now, stop is at 124.60 levels, target is open.

Good luck!

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 $6000 more!
    In December we raffle $6000 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