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23.05.2012 10:49 AM
EUR/JPY Needs to Hold 100.00 - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

The overall wave structure remains constructive for bulls to resume. As depicted above, after bouncing back from backside of the trendline, at present prices seems to be retesting the dropping resistance turned support line. In any case, till the time prices are above 100.00, a D wave extension rally can be expected to resume towards 117.00. A break below 100.00 shall change the structure in favour of bears, to target below 97.00. For now we remain bullish.

Trade Recommendations:

Buy around 101.00/20, stop 100.00, target at 117.00.

 

Good Luck!

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