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EUR/JPY Outlook: Hourly Studies Are Weak

EUR/JPY Outlook: Hourly Studies Are Weak


Extension of corrective pullback from 134.93 high found footstep at 133 zone, and a Fibonacci at 61.8% of 131.85/134.93 ascend / 4-hour 55DMA with basing attempt under way. Hourly studies are weak, with indicators starting to point high, while the 4-hour structure remains positive and sees the level as ideal reversing point. Rally above 134.00 is required to confirm and re-focus 135 zone, above which to resume larger rally from 94.10, 2012 low. Alternatively, loss of 133 handle would risk further easing and extension towards strong 132.00 support, and a broken bear-trendline off 132.72 and 50% retracement of 129.28/134.93 rally. Resistance: 133.78; 134.00; 134.22; 134.49

Support: 133.00; 132.77; 132.58; 132.00

EUR/JPY Hourly” title=”EUR/JPY Hourly” src=”” height=”400″ width=”800″ />

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