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Forex4you Technical Analysis 3 June 2011

Discussion in 'Technical Analysis' started by forex4you, Jun 3, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/JPY: falling within a channel
    The EUR/JPY pair is rising in a wedge shaped channel. It has just completed the 'C' wave and is possibly descending in a 'D' wave with an eventual target of 115.35 at a support line below. On the 0.1x3 point and figure (p&f) chart it has just broken a rising trendline and may be breaking out of a fulcrum reversal pattern. The downside target from the highs is also 115.30. There is a strong resistance line at the monthly pivot at 117.25 which is keeping prices down. A break above that level could produce a rally targeting 118.50, which is the p&f count from the lows.


    Forex | 外匯
    Analysis by: Joaquin Monfort
    Forex4you analyst

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