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July 31
Thursday 31 July 2014 23:30

EUR/JPY Nears Bullish Target

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EURJPY longs from Tuesday (121.70) are nearing the 123.20 and 124.00 targets. 123.20 is the 50% retracement of the decline from 127.70 (February high) and 20 day average. 124.00 is an admittedly agressive objective that rests between 2 technical measures; the trendline that extends off of February highs is at 123.90 today and the 61.8% retracement is at 124.27. Risk at this point is moved up to 121.75.

The EURUSD is testing trendline resistance but 1.3075 is the pivot. The Daily Technicals cover strategy in more detail.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.



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