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EUR/JPY Intraday Technical Analysis

2012-06-01 11:35:42 (читать в оригинале)

 

At the moment the spot rate is testing the intermediate resistance of its medium term bearish channel at 97.40 and is likely to decline. However, a breakdown of these levels will reveal significant potential enabling to reach its upper limit in 98.50.

Technical indicators do not provide clear signals but as the resistance is not broken, the pair is exected to decline. Bollinger bands are much discarded due to the strong recent decline. The situation is expected to stabilize soon. 

Proceeding from previous events, the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 97.40 with 98.00 and  98.20 seen as targets. A breakdown of 97.20 will cancel this scenario.

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