Time to start closing out EURJPY

Time to start closing out EURJPY

1 October 2014, 22:53
Zheng He
0
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After I generated several sell signals on this pair, it is time to start closing out. The EURJPY would not be considered trending. On a daily time frame, it appears this pair is actually ranging between two rather extreme points.

 

However, it appears this pair is rather oversold. We do see a rather critical price zone. A horizontal support turned resistance line marked a previous bullish breakout. As the price re-enters this zone, the price will most likely start ranging in a much tighter zone. 136.00 is a rather extreme support zone. Price will most likely reverse to a more bullish move as the Yen follows further devaluation.   

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