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28.08.2014 08:54 AM
Intraday trading recommendations on EUR/JPY for August 28, 2014

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The pair has been struggling at 20DSma for 4 days. The pair is making lower lows and lower highs for 4 days. Today in Asia's session, the pair is struggling at 20Dsma. In the weekly chart, the pair was rejected thrice at the broken support trend line.

Weekly basis - Until the pair closes below the 137.20 level, selling on the rise will mint money. - Active.

Monthly basis - Until the pair closes below the 138.70 level, selling on the rise will mint money. - Active.

On the down side, it has parallel support at the 137 level. Below this, 136.75-136.60 will be used as weekly support level.

Until the pair closes below 138.70, on the down side 134.50-134 will act as an open target in the near term.

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On an intraday basis, the prices are closed below and trading below 12ema, negative for hourly and intraday trading. But in the h4 candle, the pair makes a minor support at 137.06 and 136.91. We can see a pull back only above 137.17 towards 137.35. If the pair manages to trade above 137.41, it can fly up to the 137.64 level.

Resistance is at 137.17, 137.41, and 137.64.

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