EUR/JPY Technical Analysis (Euro / Yen)

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February 8, 2013 3:09 AM EST

Forextribe
Updated the:
02/07/2013
EUR/JPY : rebound programmed by the fundamental

Sentiment :

125

124

--- Follow up analysis ---
After a return last Tuesday above 125 points, the pair EUR/JPY has continued its bullish rally. The breakout of 126 points gave us a new buy signal and the price has then faked an upward break of 127. Yesterday, the price felt ot find support on the support at 126. A new test of 127 is occuring this morning. The pair is now below its short term bullish slant (pink line on the 1h chart) and is still far away from its medium term bullish slant (purple line on the 4h chart).

I advise traders to trade only long positions as far as the price will be located above the 125 points. A stay above 126 will reinforce this bullish sentiment.
The upward breaks of 127 would offer a new buy signal for an extension of the bullish movements towards 128 points or above if this level is broken.

In case of return of the price below 125 points, I would  then advise traders to wait a breajout of 124 points before trading short positions.

Full analysis
Analysis published by Vincent, the 02/07/2013 at 11h00 GMT+2

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