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20.05.2013 12:48 PM
EurJpy: Resistance intact at 133.00/10. Remain short for now

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Technical outlook and chart setups:

Finally it looks like the single currency pair has carved out a potential right shoulder at 132.40/50 levels. It is recommended to remain short from last week and also add further positions on intraday rallies. Resistance is fixed at 132.70/80 levels; while immediate support is at 129.50/00 levels. Looking into the structure here, it is highly probable that a top is in place at 132.70/80 levels, and prices are looking lower towards 130.00 level, then further down towards 128.50. Further short positions can still be added around 132.00/10 levels during intraday rallies. Bottom line: Looking lower at least towards 130.00 level till prices remain below 132.80 for now.

Trading recommendations:

Remain short for now, stop is at 133.00/10, and targets are at 130.00 and 128.50.

Good luck!

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