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EUR/JPY Intraday Technical Analysis

2012-05-23 11:24:15 (читать в оригинале)

 

The spot rate is currently testing the intermediate support of its medium term bearish channel at 100.30 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 99.30.

Technical indicators do not provide clears signals but are approaching the oversell zone supporting the assumption of a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events the market will provide a bullish opportunity at the level of 100.30 with the 1st objective at 100.90 and then at 101.20. A break through 100.10 will alter this scenario.

The material has been provided by Instaforex Company - instaforex.com