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29.05.2012 09:44 AM
EUR/JPY Corrective Rally is Expected before Fresh Lows - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

The structure remains unchanged from what we had discussed yesterday. Prices have stalled between 99.40 and 100.00 region just before a corrective rally. We expect this rally to go through the channel line depicted above, between 102.00 and 103.00 levels. This would then trigger a 5 wave fall, taking prices to fresh lows.

Trading Recommendation:

Looking to sell between 102.00 and 103.00, targetting below 97.00

 

Goood Luck!

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