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02.05.2012 10:02 AM
EUR/JPY Bullish Structure Remains Intact - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

As depicted above, there are no significant changes in the structure from what was discussed yesterday. The 3 wave decline from 108.00 seems to have ended at 105.50, where prices are also well supported by resistance that had turned a support line. This rally is expected to be in 5 waves and should reach 109.25 and 110.00 as projected above. The single currency should be well supported at 104.50 and 105.00 levels from here on.

Trading Recommendations:

Bought around 106.00 levels earlier, stop at 104.50, target at 109.00 and 110.00.

 

Best Regards,

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