InstaPoster
05-21-2012, 08:32 AM
http://forex-images.instaforex.com/userfiles/20120521/eurjpy21052012.JPG
Technical Outlook and Chart Setups:
Lets examine the Daiy Chart Wave Count as depicted above. The rally from 97.00 to 111.00 was in 5 waves. The pullback or retracement from 111.00 10 100.20 levels is in 3 waves. We can possibly expect a 5 Wave rally now towards atleast 117.00 levels, provided that Fridays' lows should hold prices up. One should enter buying at these prices, with a strict stop loss entry.
Trading Recommendations:
Buy now, around 101.20/30 levels, Stop at 100.00, Targetting 117.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com (http://instaforex.com/)
Technical Outlook and Chart Setups:
Lets examine the Daiy Chart Wave Count as depicted above. The rally from 97.00 to 111.00 was in 5 waves. The pullback or retracement from 111.00 10 100.20 levels is in 3 waves. We can possibly expect a 5 Wave rally now towards atleast 117.00 levels, provided that Fridays' lows should hold prices up. One should enter buying at these prices, with a strict stop loss entry.
Trading Recommendations:
Buy now, around 101.20/30 levels, Stop at 100.00, Targetting 117.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com (http://instaforex.com/)