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EurJpy reverses just shy of 130.00. These are resistance levels, prepare to short

Posted at April 9, 2013 Categories : Forex Analysis |

Technical outlook and chart setups:

The single currency pair has rallied to fresh highs, just shy of 130.00 level, as seen on the daily charts here. Please note that a doji pattern is under construction now which shows indecision and there are fair chances of a reversal to materialize by tomorrow. Looking into smaller timeframes (4H and lower), prices have already produced bearish signs around 129.90 region. Aggressive traders could initiate short positions now at 128.90 or around 129.40/60. Immediate resistance is at 130.00 level now, while daily support is at 126.00 (past resistance turned support), followed by 119.00 and lower. More conservative trading approach would be to wait for a bearish signal to appear on daily charts, probably tomorrow.

Trading recommendations:

Aggressive: Short around 129.00/129.40/50, stop is at 130.30, and target is open.

Good luck!

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