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11.05.2012 09:41 AM
EUR/JPY Sells on Rallies

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Technical Outlook and Chart Setup:

The wave structure remains the same without significant changes. Presently the only possibility is that the single currency may produce a counter trend rally towards 104.00-104.50 before resumtion of the downside extensions. Please consider this opportunity to re-enter selling with 102.00 and 100.50 seen as downside objectives as depicted above in the wave structure.

Trade Recommendations:

Short positions are recommended between 104.00-104.50; Stop Loss at 105.50 and the point 102.00 considered as a minimum. It is also possible to book partial profits and re-enter selling on a counter trend rally.

 

Good Luck !

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