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    MARKET ANALYSIS AND NEWS EURJPY hits targets both short and long side Market News

    EURJPY, 240 min

    March 14th I published an analysis on EURJPY suggesting that the pair would provide opportunities on both short and long sides. Price was about to roll over from the daily Bollinger bands and move to my buy area. As the pair was trading at 126.26 at the time of writing I suggested we could take a short between 126.50 and 126.80. Price rallied to 126.70 and faced heavy selling. This resulted in my 125.45 target being hit on March 15th. The long trade idea was to look for buy signals at or inside the area with Target 1 is at 126.60 – 127.60 and Target 2 at 128.00 – 128.60.

    Now the long side target 1 has been hit also and EURJPY is attempting to crawl towards the target 2. The daily chart shows some loss of momentum at the upper daily Bollinger Bands and Stochastics possibly rolling over from the overbought zone. However, the weekly picture looks still promising which means that it could push higher after a pullback. The nearest important support level is at 126.60 a previous resistance that coincides with 38.2% Fibonacci retracement level.

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    Janne Muta

    Chief Market Analyst

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.


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