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24.05.2012 09:37 AM
EUR/JPY Headed Lower - Technical Analysis and Trading Recommendations

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Technical Outlook and Trading Analysis:

Yesterday lows have stopped us out at 100.00 and it could be possible now that the single currency is headed south towards fresh lows. Kindly note the wave structure (within the channel) depicted above. We would not favour short positions at this moment. A rally towards 102.00-103.00 should be underway soon and that would be the optimum level to go short again with a downside target of fresh lows. Short term momentum traders may wish to go long till 102.00 levels, with a tight stop below 99.00.

Trade Recommendations:

No trade for now. Looking to go short between 102.00 and 103.00, targetting at fresh lows.

 

Good Luck!

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