empty
 
 
24.05.2016 08:20 AM
Technical analysis of EUR/JPY for May 24, 2016

This image is no longer relevant

Technical outlook and chart setups:

The EUR/JPY pair is trading at intraday lows at 122.50 level at this moment, and should be setting up for a continued drop lower below 121.40 level going forward. The pair had reversed from fibonacci 0.618 levels earlier at 124.50/60 levels as depicted here, and is expected to remain in control of bears till prices stay below the same. It is hence recommended to remain short and also look to add further during intraday rallies ahead of 124.00 level, with risk at 124.75 for now. Immediate support is now seen at 121.40 level, while resistance is at 124.00 level respectively. Only a break above 124.60 levels and subsequently above the trend line would change the structure.

Trade recommendations:

Remain short for now, stop at 124.75, a target is below 121.40 levels at least.

Good luck!

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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