Looking to Cover SOME EURJPY Shorts at 12300
The EURJPY broke the line that extends off of the 1/29 and 2/5 lows, thus triggering a bearish bias. Expect support from former resistance at 12291 and 12070. The 20 day average is at 12206 today (Friday) and increases about 20 pip per day. Trendline support is at about 12138 on Monday. As always, updates are dissemenated via Twitter @JamieSaettele.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.