Tuesday, August 28, 2012

Update on Eur/Jpy Fx insight shares

The EURJPY has been in a sideways up and down market of late/even today. Earlier the price fell toward the 38.2% line at 97.841 (of the move up from August 10th) and floor support at 97.956 (see chart above). The low came in at 97.877. The price rotated higher from there and over the last 7 bars, the close has remained above the 100 hour MA (blue line in the chart above). This is the line in the sand for buyers now. On the topside, the last 4 days has found willing sellers against the 98.807 level. Needless to say, a move above this level will now be eyed by the longs from below. Get above, and the 99.02 and the 99.164 (high from last week) become the next targets (see chart above). full article  

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