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EUR/JPY Intraday Technical Analysis

2012-07-04 13:03:24 (читать в оригинале)

 

The spot rate is currently testing the intermediate resistance of its medium term trading range at 100.80 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 101.40.

Technical indicators provide sell-signals but until the resistance is not broken the assumption of a decline is most likely. 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 as soon as the spot rate has broken through its resistance of 100.80 with the 1st objective at 101.40 and then at 101.60. A break through 100.60 will invalidate this scenario.

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