FX.co ★ EUR/JPY - sell bellow 129.70 - for April 10, 2013 (daily strategy)

The EUR/JPY pair is in the very strong resistance level and around the psychological level of 130 yen. If you look at the gap left by early week at 126.54, it is likely that in the short term there is a correction at least to cover the gap. Now there are signs of exhaustion in the upward force. The Momentum Indicator is in overbought zone, which for the next few days indicates the pair has a bearish sequence. Therefore, we recommend selling only if the pair closes the 4 hour chart below 129.70, we will place stop loss a few pips above the monthly maximum.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com