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EUR/JPY Classical 05.24

EUR/JPY Classical 05.24

2010-05-24 06:06:00
Joel Kruger, Technical Strategist
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EUR/JPY: The sharp drop has easily managed to clear previous support by 112.00 and open an acceleration of declines down to 109.50, ahead of the latest bounce. It is extremely difficult to speculate where we go from here and we recommend standing a side for a bit to see how things play out. However, the break below 110.00 does suggest that additional weakness is in the cards, with the market now eyeing next critical barriers by 100.00. Short-term resistance comes in by 115.50 and a break back above this level would be required to force a shift in the near-term structure.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 
If you wish to receive Joel's reports in a more timely fashion, e-mail instructor@dailyfx.com and you will be added to the "distribution" list.

 

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