Source: ForexYard
· Below is the 4-hour chart and the daily chart for the EUR/JPY by ForexYard.
· The indicators used are the MACD, Slow Stochastic and RSI.
· Point 1: The Slow Stochastic on the 4-hour chart shows a bullish cross, signaling that the next move may be in an upward direction.
· Point 2: The MACD indicates a bullish cross, which supports the upward notion.
· Point 3: The RSI on the Daily Chart signals that the price of this pair currently sits near the bottom border, suggesting upward pressure.
· If the impending breach is indeed upward, going long with tight stops appears to be preferable strategy in the next few days.
EUR/JPY 4-Hour Chart
EUR/JPY Daily Chart
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
