EurJpy Pullback On Track. Resistance Starts From 98.10/20

Posts : 8759 Join date : 2012-01-25

EurJpy Pullback On Track. Resistance Starts From 98.10/20

Technical Outlook and Chart Setups:

In addition to what was discussed yesterday, the pullback seems to be on its way. As depicted above, the confluence of Channel Resistance and 98.10/20 levels will happen in 1-2 days. It is recommended to seek fresh short entries there. Those who are aggressively long may exit at 98.00 level. Intermediary low is just shy of 96.00 while resistance starts at 98.20.

Trading Recommendations:

1. Exit aggressive longs around 98.00 or even before. It is just a counter trend.
2. Fresh selling could be made between 98.00 and 98.50 levels. Target fresh lows.

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