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EUR/JPY At Crossroads
By Benny Nardino | May 6, 2008
EUR/JPY is currently dating at crossroads wondering which way to go on the mid- and long-term charts. Will it reach for the stars or take to the pits?
In the monthly chart above, the EUR/JPY has developed a wedge over the trendline. Since it’s seasons high of 168.93 in July of 2007, the cross has oscillated between 149.93 - 168.93 trading higher-lows and lower-highs. An indication of a strong consolidation.
From the daily chart above the cross has set itself up for a 4th-wave buying trend. If this happen as the chart indicates we expect to see a short-term rise to the 166.94/167.20 trendline in the next few weeks.
If we experience a buying failure at 162.00 support we may see the market taking a turn for the pits. A possible near-term of 151.80/152.00.
Whatever direction you go, trade cautiously. It’s better to take a little piece than attempt the whole lump that wipes your capital out.
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May 6th, 2008 at 8:22
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