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EurJpy holding line of resistance well. Remain short

Posted at June 26, 2013 Categories : Forex Analysis |

Technical outlook and chart setups:

The single currency pair is testing and holding the sloping line of resistance well till now. Indications are towards a fresh low possibly to 121.00 level as depicted here. Immediate resistance is at 131.00, followed by 132.00 and 134.00 on the higher side; while support is strong at 119.00 level for now. As seen here, the outer line of support is passing through 113/114 levels. The currency pair can fall all the way towards outer line and bounce of 113/114 levels in coming days. On the flip side, if 125.00 level hold, the pair would want to push higher up and challenge 134.00 levelagain. Probabilities for now are towards the downside till downtrend line remains intact.

Trading recommendations:

Hold on to short positions, stop is at 132.00, and target is at 121.00 and lower.

Good luck!

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