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04.05.2012 10:13 AM
EUR/JPY Holds 105.00, Rally Is Expected to Resume

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Technical Outlook and Chart Setup:

Yesterday the level 105.00 was considered as support for the EUR/JPY pair. Structurally the situation has not changed very much, as we cann see. The area of 104.50 and 105.00 is considered as support and as long as prices are fixed above it, bulls are expected to resume and extend rally towards 109.20 and 110.00. In case of 104.50 breakdown, the single currency will drop towards 102.00. The latter option is less probable.

Trade Recommendations:

Buy-deals are recommended around 106.00, Stop Loss at 104.50 with 109.20 level seen as target.

 

Best Regards,

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