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Thread: EUR/JPY pair discussion

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    EUR/JPY pair discussion

    The EURJPY didn't make significant movement yesterday. The bias is neutral in nearest term but still within the context of a bearish scenario of the rising wedge especially if price able to break below 111.00 targeting 110.50 - 109.85. On the upside, break above 111.91 could be a threat to the rising wedge bearish scenario

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    The EURJPY attempted to push higher on Friday, but whipsawed to the downside, bottomed at 110.39 and closed at 110.74 after found a good resistance around 111.91. This fact gives us further validation to the rising wedge bearish scenario testing 109.85 in nearest term. A clear break below that area could trigger further bearish pressure testing 108.33. Immediate resistance at 110.70/80. Break above that area could lead us to neutral zone in nearest term testing 111.60/90 resistance area.

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    The EURJPY continued its bearish pressure yesterday, bottomed at 109.56 but corrected higher earlier today in Asian session, hit 110.38. The bias is neutral in nearest term. Overall we are still in the rising wedge bearish scenario but would need a clear break below 109.50 to continue the bearish pressure targeting 108.33. Immediate resistance at 110.70 (yesterday’s high) followed by 111.60/90

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    The EURJPY continued its bearish bias yesterday, bottomed at 108.44 but closed higher at 108.95. The bias is neutral in nearest term. My intermediate bearish target at 108.33 is considered hit, but the major outlook remains to the downside. Tomorrow is Christmas day and we may have some upside pullback today as market could make consolidation move so I will stand aside for now and prepare to enjoy my holiday. On the downside, clear break below 108.33 could trigger further bearish outlook testing 107.30 support area. Immediate resistance at 109.50 followed by 110.10.

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    The EURJPY had a moderate bearish pressure on Friday, but so far still unable to break below 108.33 support area. We are still in the rising wedge strong bearish scenario but need a clear break below 108.33 to continue the bearish pressure targeting 107. 30. Immediate resistance at 109.50. Clear break above that area could trigger further upside momentum testing 110.10/70. We have only a few days left before entering a new year and some upside consolidation may occur.

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    EURJPY broke above FR 23% resistance , suggesting that the fall from 112.20 has completed. Pullback to FR 61% area is expected in a couple of days.
    Support is now at FR 0%, only break below this level could trigger another fall to 106.00 area.
    [IMG][/IMG]

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    The EURJPY corrected higher earlier today in Asian session, hit 109.50 resistance area. A clear break above that area could trigger further bullish consolidation testing 110.10/50. Immediate support at 108.90. Break below that area would keep the bearish scenario remains strong but still need a clear break below 108.33 to continue the bearish scenario targeting 107.30

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    EURJPY broke below 108.40 support, suggesting that the longer term downtrend from 112.13 has resumed. Further decline is expected in a couple of days, next target would be at 105.00 area. Resistance is at 109.30, as long as this level holds, downtrend will continue.

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    After closing 2010 posting an 18.86% loss, EUR/JPY remains heavy, opening a new year below the 108.50 area.

    The pair has moved further to the downside along the Asian session, and recently set a fresh 2-day low at 107.91 before bouncing slightly to the current level around 108.10.

    Sharing her technical expertise, Valeria Bednarik, analyst at FXstreet.com, said, "Trend remains clearly bearish in the pair, with no signs of correcting or changing that trend right now. Short term talking, supports lie at 107.60 and 106.80 ahead of 106.00, while resistances come at 108.80 and 109.60 we need a strong consolidation above 110.40 to see the pair aiming to recover towards 112.00 price zone".

    http://www.fxstreet.com/news/forex-n...6-3db68e9c2069

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    The EURJPY failed to continue its bearish bias yesterday, violated the minor bearish channel to the upside as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make a clear break above 109.50 testing 110.10/50 and could be a serious threat to the major bearish scenario. Immediate support at 108.60. Break below that area could trigger further bearish pressure re-testing 107.30 and keep the bearish scenario remains strong as a false breakout scenario could be produced.

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