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Any pullbacks towards 110.00 continue to be very well supported by the previous multi-day resistance area from May 2010 through February 2011. Look for a fresh medium-term higher low to carve out around 110.00 ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. Ultimately, only a sustained break below 110.00 concerns.
Intraday trade:
If a M15 close above 110.35 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 109.92 sell only and do not buy. If price closes back above it again do nothing
The range 110.35 and 109.92 is neutral area, any trade done in between is personal decision and not part of this analysis
Below 111.00 minor resistance will flip bias back to the downside for 108.07. Nevertheless, sustained trading above 117.74 should turn outlook bullish and target 123.31 and above.
the pair as we can see on the chart has success in breaking the level of 112.00 and reached the level of 111.30 , that's mean the down trend is standing and the pair might head to 111.70 then 111.40
The EUR/JPY is giving up the majority of upside triggered by the confirmed Japanese intervention measures earlier today, as the common currency comes under attack following Trichet´s mostly bearish signals.
Intraday trade:
If a M15 close above 111.86 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 111.23 sell only and do not buy. If price closes back above it again do nothing
The range 111.86 and 111.23 is neutral area, any trade done in between is personal decision and not part of this analysis
Resistances lie around 112.67 and 113.48. It should test lower towards 109.56 zone. A clear break of 109.07 would be bearish.
the pair is trading under level 112.00 , that's mean the down trend is standing and the pair might reach 111.00 , but if the pair succeeded in breaking 112.00 , it will head to 112.40 and then 112.80 .
A buy position at 113.40 with a stop loss at 112.80 (-60 pips) and take profit target first at 114.00 (+60 pips) and then 114.40 (+100 pips).
EUR/JPY formed a short term bottom at 108.70 last week and rebounded strongly on Japan intervention. Nevertheless, the break of 113.41 resistance was brief and the cross was indeed held by the falling 55 days EMA and weakened towards the end.