03.09.201405:16 Forex Analysis & Reviews: Intraday trading recommendations on EUR/JPY for September 03, 2014

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.

The pair trading at a 5-week high, approaching the crucial resistance zone between 138.50-138.75. A weekly close above 138.75 turns the short- and medium-term trend to positive. On the down side, it has support at 138 below this; 137.58 and 137.50 are strong support levels in the near term. Breaking below this, 137.29 and 137.10 are minor support levels. In case a daily close is below 137.50, the weekly trend turns to negative.

Support is at 138, 137.50, and 137.10.

Resistance is at 138.50, 138.75, and 139.10.

Intraday cmp 138.13.

The prices are closed and trading above the neckline and hourly key moving averages. In the h4 chart, the oscillators are indicating an extreme overbought area. For an hourly trading session, we recommend selling below 138 with the targets at 137.88, 137.81, and 137.60. The panic will trigger below 137.60 towards 137.50, 137.20, and 137.10. Fresh buy only above 138.25 with the targets between 138.50 and 138.60 levels.

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.