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14.05.2012 11:11 AM
EUR/JPY - Sell Towards 104.00/50 - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

We have depicted Daily Chart setups here. So the wave count still remains constructive for extension D towards 102.00 and 100.50 in coming sessions. However, it is quite likely, that intraday rallies or retracements could reach 104.00 to 104.50 levels. It is recommended to consider these rallies as fresh selling opportunities. Major resistance is fixed at 108.00 and then, at 111.00 levels.

Trading Recommendations:

Sell between 104.00 and 104.50, Stop at 105.50, targetting 102.00 and 100.50

Good Luck!

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