11.04.201312:38 Forex Analysis & Reviews: EurJpy remains sideways at 130.00. Breakdown highly probable

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

The daily chart view depicts a hanging man candlestick formation for now. This is an indication of highly probable reversal ahead. It is recommended to remain short from yesterday and also look to sell intraday rallies towards 130.30. The 4H chart has been showing exhaustion since last 2 trading sessions around 130.00/30 levels. This region is also re-enforced by Fibonacci resistance as discussed yesterday. Immediate support remains fixed at 119.00 level for now. It is expected that a meaningful recovery should be on its way at least towards 124.00-123.50 levels from here. Looking lower.

Trading recommendations:

Hold on to short positions, stop is at 130.80, and target is open.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.