For today, please pay attention to EUR/JPY because the Japan market is having a holiday, so beware of an illiquid market that is ranging. This currency pair is now stuck between the 129.00 - 130.00, this ranging situation confirmed too by all the three moving averages moving in a narrow band. For this market, the ideal trading condition is trapping the market above and bellow with a tight target and stop loss projection.
RECOMMENDATION:
Buy stop (pending order) at 130.01.
Take profit at 130.15.
Stop loss at 129.91.
Alternative:
Sell stop (pending order) at 128.99.
Take profit at 128.85.
Stop loss at 129.09.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
Yahoo Messenger & Skype: Arief.ifx_jakarta
blog.mt5.com/arief
https://www.mt5.com/forex_analysis_award/profile/index/arief
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial 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, and seek advice from an independent financial advisor if you have any doubts.
