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11.06.2012 11:01 AM
EUR/JPY Intraday Technical Analysis

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The spot rate broke the upper limit of its medium term bearish channel at 99.80 leading to an acceleration. A pull back on these levels is expected before a resumption of a bullish trend.
Technical indicators provide sell-signals and approaching the overbuy zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 99.80 with the 1st objective at 100.40 and then at 100.60. A break through 99.60 will alter this scenario.

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