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Technicals

EUR/JPY - Euro Yen, European Session - 25/07/08

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24 July 2008 @ 10:06 pm EST
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167,74. EUR JPY broke 168,25 support. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR JPY. The downtrend should continue on 166,50 support.
=> We could take a short position at 167,80. We will put the stop loss above 168,30 (-50 pips). The targets are 167,00 (+80 pips) 166,50 (+130 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.
Resistances
168,20 - 168,50
Supports
167,60 - 167,00

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