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30.04.2012 09:50 AM
EUR/JPY Is Holding 106.00 Support Level

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Technical Outlook and Chart Setup:

The EUR/JPY pair is holding at 106.00 which is the 0.618 Fibonacci support for the entire rally from 104.50 to 108.00. We expect the single currency to be fixed between 105.50 and 106.00 in coming sessions. The point 104.50 is considered as the current support. The structure shall remain constructive and we can expect further rally towards 109.20/30 levels if prices trade above 105.00. A break of 104.50 is expected to cancel the outlook and will further decline, although this opportunity is not clear. 

Trading Recommendations:

Buy around 106.00-106.30 levels with stop at 104.50. Target would are to be located at 109.20/30 levels.

 

Best Regards,

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