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09.07.2014 05:18 AM
Technical analysis of EUR/JPY for July 09, 2014

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Technical outlook and chart setups:

1. The EUR/JPY pair is bouncing off the intermediary support line ahead of 137.80 as seen here. A confirmed bullish reversal here would indicate that the next move could be higher. Recommendations are to exit short positions for a while.

2. Support is seen at 137.70/80, followed by 136.00, 134.00 and lower while resistance is seen at 140.00, followed by 141.00, 142.50/143.50 and higher up respectively.

3. The structure indicates that EUR/JPY may bounce off from the current levels around 138.00/20.

Trading recommendations:

Exit short positions now. Turn long. stop below 137.70, target is open.

Good luck!

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