For Traders

Analytical Reviews

Technical analysis

02.05.201606:50 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 02, 2016

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 EUR/JPY pair is seen to be trading higher at 122.24 levels, after hitting lows at 121.45/50 levels last week. The drop from 126.40 levels looks to be an impulse (5 waves). A rally above 123.00 levels would confirm that a meaningful low has been formed at 121.45 levels and that the countertrend might push the price higher into 124.50 levels. It is hence recommended to remain flat for now and wait for the pair to break above 123.00/30 levels at least, to go long again. Immediate support is seen at 122.47 levels, while resistance is seen at 123.00 levels. Bulls might be poised to push the pair higher, till EUR/JPY remains above 121.50 levels.

Trading recommendations:

Remain flat for now, looking to buy at lower levels.

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.