EURJPY- Intraday Strategy (16 Apr 2013)

Recommendations: SHORT positions below 127.72 with 126.70 & 125.50 as next targets.
Alternative scenario: The upside breakout of 127.72  will call for a rebound to 129.05/130.00
Description: The pair is bearish after losing the key support 127.72, so as long as this level holds, look for further downside losses towards 126.70 levels ahead of 125.50 levels, an hourly close above 127.72 will delay the bearish move and bring rebound to the upside towards 129.05 ahead of 130.00 levels, but upside is likely to be limited by 129.05/130.00 levels where resumption of the whole fall from 131.10 levels is suggested..

Best regards

Haitham

Views: 845

Comment by Haitham653 on April 16, 2013 at 6:23am

USDJPY:

Recommendations: SHORT positions below 97.70 with 97.00 & 96.35 as next targets.
Alternative scenario: The upside breakout of 97.70 will call for a rebound to 98.85/99.15.

Note: use H1 close to confirm breakout...

Comment by Abok Patrick on April 16, 2013 at 7:34am

Great analysis Haitham

Comment by Agatha on April 16, 2013 at 7:46am

Good job Haitham

Comment by Kobe on April 16, 2013 at 7:56am

thanks Haitham, and yes peter, it was quite a move. impressive fall and rebound, with the boj behind the door, i think the way up is more plausible. Lets see if the bulls can bring another 300 pip move and go back above 130.

Comment by Abhishek Nichani on April 16, 2013 at 8:24am

Thats a good pick. Its on its way down. 

Comment by Haitham653 on April 16, 2013 at 5:24pm

First target of long trade almost reached over 100 pips.....

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