fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Technical Analysis for EUR/JPY  Thu May 23, 2013 9:40 am | |
|  Technical Analysis for EUR/JPY The Bearish reversal we were looking for is starting to materialize, as the EURJPY pair retreated sharply after a minor spike yesterday towards 133.80 level. The pair has broken 131.10-support level, which was our trigger for further downside, while Momentum indicators continue to provide bearish divergences. Accordingly, we expect further downside within the upcoming days. Support: 130.50, 129.50, 129.00, 128.25, 127.50 Resistance: 131.00, 132.00, 132.75, 133.75, 134.30 Recommendation Based on the charts and explanations above, we prefer to short the pair below 131.00 targeting 129.50, 129.00 and 127.50. Stop loss above 132.50  | |
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