EURJPY
Weekly
Analysis
26-July-2010
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EURJPY Weekly Analysis
Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 110.00
Key Support Levels: 112.00, 111.00, 110.00, 109.60
Key Resistance Levels: 13.30, 114.78, 116.50, 119.08
Entry Strategy: Buying dips in an uptrend at support levels, while market trades
above trend reversal level.
Trade Suggestion: Last week as per our analysis prices did fall to 110 level and
bounced back. Now this pair has turned bullish and facing resistance at 113.30 lev-
el. We have strong resistance at 113.30 area, it has failed to break it several times,
113.30 is also a 38.2 fib level from its fall from 122.27 to 107.31.
Last week we saw this pair making another failed attempt to break this level of resis-
tance. We will be cautious around this level, we recommend to stay away in entering
any long positions on this pair until 130.30 level is broken. It has also got a bearish
daily trendline around 116.50 to 119.00. That could be a significant test for this pair
as well.
Our suggestion is