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EURJPY: Clues Point to 800-Pip Target
On December 18th I pointed out a EURJPY selling opportunity. The risk-sensitive pair had been trading within an 800 pip range since late February. The range floor was 125.00, and the range ceiling was 133.00. With EURJPY trading at 127.80 on December 18th, shorts had nearly 300 pips to work with. EURJPY broke our trend line support on the 18th and retested the area as new resistance on the 19th and 20th of December. Fast forward to today, and the pair has reached our short-term target at 125.00. In fact, EURJPY is at risk of breaking down even further should the pair close the day below the 125.00 handle. One thing I ... (full story)
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