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EUR/JPY Slides On Rate Decision (Part-2)
By Rox Sweetman | August 7, 2008
In my earlier post we said, the EUR was exhibiting weakness across board. Against the JPY, it is trading also trading at 168.17/44 range after making a high of 169.50 earlier today. It has since been consolidating around that 38.2% level.
At present, we still see a downward bias. Haven been taken out once at 169.44 this morning, we re-entered our position again at 169.20 still in and adjusting our stoploss accordingly.
In our intra-day trade, we see support at the 168.15 the 50% Fib level. But our real target for now is pegged at the 62% level of 167.80.
The wedge formed in the past six to eight weeks is almost complete. Whether this is part of the breakdown is yet to be seen. We are still trading this pair with caution. Chart later.
Please share your thoughts..
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