EURJPY Outlook

Oct 29, 2009
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The EURJPY attempted to push lower, slipped below my trendline support, bottomed at 133.35 but whipsawed to the upside and closed higher at 134.95. Another technical mess Although this fact indicating potential upside scenario with 136.08 as potential target, I still prefer to stand aside for now until all these noises from important economic data is over. I hope we already have clearer direction next week. Immediate support at 134.45 and the trendline support area.
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I think that the price will pass 131.56 level. After that, the price will go to the level of 133.10 or further.
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This currency pair is traded nicely, there is a pull back from resistance level. Next targets are 128,45 and then 126,00.
 
Right now, I can’t see the entrance for opening a deal on the asset, so I’ll wait until the price reaches one of the levels, and then I’ll make a decision.
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The asset is flat now. I’ll set pending orders nearby the upper bound and bottom line and will see which one is gonna work.
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EURUSD is trading between 1.12931 and 1.12704. Any decisive movement upwards to penetrate the hurdle at 1.12931 will trigger an entry signal targeting the resistance at 1.13022 and then higher to test the levels at 1.13067 and 1.13158. A protective stop loss at 1.12704 is highly recommended.
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I can’t see a favorable opening for a deal right now. Therefore, I’ll wait to see which of the variants is the right one.
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