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03.01.2013 10:35 AM
EurJpy Remains Buy On Dips. Next Resistance At 117.90

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Technical Outlook and Chart Setups:

The structure remains unchanged since last several sessions, as the single currency pair inches higher towards 117.90 level. As depicted here, the short-term support trendline is offering support near the 113.00 region. Next support is around the 111.00 region followed by 106.00 and lower. Resistance is not before 117.90/118.00 region. It is recommended to stay long for the momentum the rally continues higher. Also look to buy fresh by focusing on shorter time frame dips.

Trading Recommendations;

Hold on to long positions. Move stop to breakeven. Target is at 117.80.

Good Luck!

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