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EUR JPY - Early Morning Rise
By Benny Nardino | July 29, 2008
The overnight Asian session have set the EURJPY for an early-morning rise today. Will this sentiment hold for rest of the day? Yesterday my colleague posted our market observation. See full story,
EUR-JPY Tightening Wedge Outlook.
The market did exactly as predicted at the 169.90/170.00 mark and then retreated to 168.95/169.00. Overnight Asian session fall did not quite breaking through the short-term 168.85 level - 23.6% of Fibonacci numbers as highlighted yesterday. This lack of direction means we still are out of the cross.
At the moment, our downdown bias remain intact as the tightening within the wedge continues. Have a great day of trading and have some winning trades.
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