FXWIREPRO: EUR/JPY Extends Decline After Rejection a Falling Trendline Resistance

FXWIREPRO: EUR/JPY Extends Decline After Rejection a Falling Trendline Resistance

18 March 2016, 09:13
Roberto Jacobs
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FXWIREPRO: EUR/JPY Extends Decline After Rejection a Falling Trendline Resistance

  • EUR/JPY is extending decline on the day after seeing rejection at strong trendline resistance on Thursday's trade.  
  • Pair has been rejected multiple times at trendline since Mar 11th trade. Only breaks above could see further upside. 
  • Momentum studies on the 4 hourly charts have turned bearish. Price action converges with momentum indicators, reinforcing downside. 
  • On the flipside, break above trendline (currently at 126.40) could take the pair to 127.17 (50% Fib retrace of 132.287 to 122.058 fall). 
  • Our short call on the pair (http://www.econotimes.com/FxWirePro-EUR-JPY-rejected-at-12662-strong-trendline-resistance-good-to-sell-rallies-180266) is progressing. 

Recommendation: Hold for targets

The material has been provided by InstaForex Company - www.instaforex.com

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