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30.07.2014 09:17 AM
Technical analysis of EUR/JPY for July 30, 2014

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Technical outlook and chart setups:

1. The EUR/JPY pair is drifting sideways since a morning star was produced last week just ahead of 136.00/20 levels. The pair needs to clear 137.50 at least, to resume a meaningful retracement. Recommendations are to remain flat for now and await further directional confirmation.

2. Support is seen at 136.00/20 levels, followed by 134.00 and lower, while resistance is seen at 137.50, followed by 138.50, 139.30 and higher respectively.

3. The structure indicates that EUR/JPY remains sideways for now within the longer-term down trend. Selling higher would be a good strategy.

Trading recommendations:

Remain flat for now.

Good luck!

Summary
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