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EUR/JPY Pullback Underway - Technical Analysis and Trading Recommendations

2012-07-16 12:46:24 (читать в оригинале)

 

 

Technical Outlook and Chart Setups:
Looking at the wave structure above, we can see that the pullback of the wave 4 seems to be underway now. Minimum expectations are towards 98.00/98.50, which is also the convergence point of the 0.382 Fibonacci retracement and past support turned resistance. It is recommended to stay long with a strict stop, this pullback has just started.
Trading Recommendations:
1. Aggressive strategy: stay long from last Friday recommendations, Stop at 95.00, Target 98.50.
2. Conservative approach: wait to sell at 98.50 level for a down target below 93.00

Good Luck!

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