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07.05.2012 10:38 AM
EUR/JPY Is Setting Up Below 100.00

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Technical outlook and Chart Setup:

The EUR/JPY pair breaks through the 104.50 levels. You can see the daily chart setup above: the structure now changes towards a downswing extension D. Prices have opened downside down today so there is no need to hurry. It is recommended to go short between 104.00 and 104.50 which is presently considered as a resistance. The minimum downside extension (target) is 100.50.

Trade Recommendations:

Sell deals are recommended between 104.00 and 104.50; Stop Loss at 105.50 targetting 100.50.

 

Best Regards

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