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Slip Back in EUR/JPY Currently Assumed Temporary

Currencies / Euro Aug 20, 2010 - 04:46 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleAfter EUR/JPY found interesting support from a long term 76.4% level earlier in 2010, initial bull signs appeared. The current s/term slip back might unnerve the early bulls but it is worth them keeping the faith for now.


The FX Specialist view

 WEEKLY CHART:

After long term 76.4% support was found (not shown on this Weekly chart) there has been an initial recovery to the 23.6% level.

Beyond here, note how higher 38.2% nicely coincides with the 119.63 Feb low.


DAILY CHART:

After adopting an initial bull stance in the Commodity Specialist Guide the market has slipped back – to s/term 76.4% support just above 109.00.

Perhaps this level can work again.

It offers a limited risk opportunity to aggressive buyers (stops below the 107.30 Jun low), but bulls now need to see recovery.

First key resistance now comes from the 114.83/115.17 dual Fibo retracement area. A break through this would bolster the bull argument and turn focus on the 119.63 Feb low, just below which is 38.2% from the Weekly chart and just above a 61.8% level on this chart.

This still has the potential for an interesting recovery situation.

 

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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