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    Technical analysis and trading recommendations on the Yen against EUR & GBP for February 17, 2015

    Another disappointing day at the Eurogroup meeting. Greece's bailout talks are in deadlock. The talks between the eurozone creditors and Greece came to a standstill on Monday night, concerns are mounting. Today, traders are keeping an eye on Bank of Japan monetary policy meeting. The prices are forming higher lows and higher highs patterns on the h4 chart. This pattern will wane, in case if the prices close below 133.67. The prices are closed and trading below hourly moving averages. The growing concerns over Greece have been supporting the Yen in the recent past days. The eurozone will be motivated to solve the problem as soon as they can.

    The cross made a double top at 136.68. The weekly resistance exists between 136.68 and 136.77. A weekly close above these levels leads to 137.60 and 139.50. The prices formed a base support between 132.38 and 132.28. For an intraday view, the resistance exists at 135.00 and 135.50. The intraday support exists between 133.98 and 133.67. We recommend selling only below 133.60 levels. The prices on the h4 chart are broken down from a 2-week ascending trend line. We recommend buying above 135.00.


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    The prices are facing strong resistance on the daily descending trend line. They are forming lower lows and lower highs on the daily chart. The prices ahave been rejected thrice from the descending trend line on the daily chart. The weekly support exists at 181.30 and 181.00. The intraday support exists at 181.60. Until the prices close below 182.50, bears have an upper hand. We can expect a strong upswing momentum only above 183.00. We recommend fresh selling below 181.50. Risky traders place sl at 181.50 and can buy at the current market price. Today, traders are focused on the UK's CPI report and BOJ monetary policy meeting.


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    Uitgevoerd door, Analytische expert
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