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30.05.2012 09:54 AM
EUR/JPY: Dont Get Trapped Chasing The Lows

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Technical Outlook and Chart Setup:

As depicted above, prices seem to have produced an extended wave 3, having hit fresh but shallow yesterday's low . The trend loks rather convincing; it remains strongly bearish. The big question though is when and at what price should you enter towards the trend? We should be a bit resilient and patient at the moment, rather than getting trapped into short entries at current levels. We suggest traders to wait for wave 4 pullback or corrective rally towards 102.00 levels to go short.

Trade Recommendations:

Looking to sell on a pullback rally towards 102.00 levels.

 

Good Luck !

Summary
Urgency
Analytic
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