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11.06.2012 09:17 AM
EUR/JPY Counter Trend Rally Targetting at 102/103 - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

As shown above, the counter trend rally which began from sub 96.00 levels, looks to have entered in its 3rd leg. Intermediary support is now fixed at 98.50 and 96.00 respectively. The bulls are now targeting at 102.00 and 103.00 on the higher side before bears take control again. Furthermore, the 0.618 resistance, of the drop from 108.00 is at the 103.20 level. As depicted above, it is suggested to wait for the prices to reach 102/103 levels before building short positions again.

Trading Recommendations:

Looking to sell between 102/103, targetting at 94.00 and 90.00.

Good Luck!

Summary
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