Thread: Eur/Jpy
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Yen weakness triggered wave rally EUR / JPY 114.50 which limits further penetrate the positive side since the end of the Asian session. The couple had gone as far as 114.72 high, for now.
While investors considering the expectations for signals from the ECB meeting tomorrow Draghi, is also eyeing China trade data tomorrow, the market also digested Reuters reports today that recognizes the potential of the announcement of an inflation target of 2% and a promise of easing measures more on BoJ meeting on 21 -22 .
Meanwhile, ratings agency Fitch down****ed the threat that Japan will be considered unless there is action to address the situation of public debt: "This is not surprising given that there is a negative outlook, but the statement is offset recent hopes that the policy reflasionari Abe administration can actually a supporter of rank, "wrote UBS analyst Gareth Berry
Mataf.net analysts pointed to resistance at 114.90 and 115.20, while support can be found at 114.20, 113.50 and 113.05.
Support: 114.4373, 114.1212, 113.9323
Resistance: 115.4473, 115.1312, 114.9423
Trend: Bullish
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Couple mentioned today hammering from the top of the bearish channel and continues to decline to the south, that is interesting on the daily chart RSI with MASD show a sell signal, so I think that the bulls are already exhausted and begin to close their positions, especially given the strong trend that has been almost recoilless.
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I think this pair will be for some time in rally, thanks to EUR/USD .. i will prefer to be on buying side at levels around 113.80 - 113.00 with SL 112.70 and target around 115.40![]()
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long positions at at 113.60 with 114.00 and 114.40 as next targets
the breakout of 113.20 will call for arebound towards 112.80
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The pair is rebound after touching the 113% Fibonacci level at 113.70 which indicates the positive bias of the pair. If the pair is stable above this levels than the pair move to the further upside. According to my chart analysis, I prefer to buying the pair above 114.35 with targets 114.60, 115.00 then 116.20 and stoploss with four hour candle closing below 113.70.
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Today(9-1-13 ) pivot point are-
Resistance 3- 116.43
Resistance 2- 115.83
Resistance 1- 114.84
Pivot point- 114.24
Support 1- 113.25
Support 2- 112.65
Support 3- 111.66
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Continue to hold the short position, the pair formed a converging triangle also be worth to pay attention to the dual divergence MASD exit signal to sell, now is a good chance of working out a strong signal, especially as the trend throughout the couple did not do a normal correction.
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Now the market has created a situation for growth jpy even against the U.S. dollar (the index is now gone on growth), as for eur / jpy is visible here is a typical situation change thread (the rate is below the moving alligator appreciated) but confirming signals for sale must still be breakthrough zones of lower fractals (113.60 support).
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On the hourly chart, the price is below the 12 EMA (red) and 72 EMA (blue) indicates the trend is still down
50 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Take profit: 112.86
SL: 115.76
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