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Will Come Into Play

Mon, Jun 16 2008, 10:08 GMT
by Tatsuya Kawanishi

FXstreet.com


The EUR/JPY Daily broke the dynamic ressitance ( red downtrend line). Immediate resistance is seen at 167.15. If it breakes the current level, the pair may challenge the next resistance at 167.50/60 and at 169.00. MACD is positive and stillrising gradually (divergence is not seen). CCI is about to reach the overbought condition. Tha pair has been rising following the upper bollinger band. Downward movement is not confirmed though. If we see corrective movement, potential targets would be 165.50/60 and 165,00.

Support : 165.50/60, 165.00
Resistance: 167.15, 167.50/60, 169.00

Chart 1


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