26.04.201212:52 Forex Analysis & Reviews: EUR/USD Sell Bellow 1.3290 - April 26, 2012 (Daily Strategy)

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 USD/JPY pair is trading sideways (cone formation) in a 400-pip range for recent several months. The pair is seen to be trading at 119.00 for now facing resistance at the upper boundary of trading range. It is recommended to trade according to a range breakout, buy on a break above resistance line. Sell would be failure. Immediate resistance is seen at 120.50 levels, followed by 121.50 while support is seen at 117.00 levels, followed by 115.50 and lower respectively. Please note that a break below 116.50 levels from here would see a deeper correction towards 113.00 and 111.50 levels respectively.

Trading recommendations:

Remain flat for now, trade a break out.

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.