EUR/JPY - Euro Yen, American Session - 12/01/09

 @ibtimes
on January 12 2009 5:41 AM

120,52. EUR JPY is in an downtrend directed by 1H exponential moving averages. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR JPY. The downtrend should continue on 117,50 support (302 pips). => We could take a short position at 120,50. We will put the stop loss above 121,40 (-90 pips). The targets are 118,40 (+210 pips, risk/reward 1:2.3), 117,50 (+300 pips, risk/reward 1:3.3) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.

Resistances
121,10 - 122,20
Supports
120,00 - 118,40

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