EUR/JPY Pulls Back from Resistance at 100.30/40 - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

Yesterday’s sharp reversal from our measured first resistance at 100.30/40 should have taken traders by surprise! Let us analyse the wave structure again, as shown above. Normally the counter trends pullback rallies are in 3 waves a-b-c. Prices have completed a, and might just have completed b. If this count is correct, bulls will regain control and drag prices higher up to 103.00 levels (the 0.618 above), before giving it up. It is difficult to buy, especially when there is a lot of pessimism around, but take it as a part of Trade psychology. The ideal level to go short would be around 103.00.

Trading Recommendations:

Looking to go short around 103.20/30 levels, targetting at 94.00 and 90.00

 

Good luck!

Performed by Analytical expert: Harsh Japee
InstaForex Group © 2007-2013

 Published: 2012-06-12 06:50:43 UTC+00 11 months, 1 week, 4 days, 40 min. ago

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