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Decision Time

Decision Time

Last week, I mentioned that…

EUR/JPY - Bearish Breakout of The Rising Wedge

EUR/JPY has broken to the downside out of the rising wedge (see also the break of the hourly support at 134.72), confirming a bearish bias. Other hourly supports lie at 133.68 (09/02/2015 low) and 132.00. An hourly resistance can be found at 135.55 (16/02/2015 high), while a key resistance stands at 137.64.

In the longer term, the break of the strong support at 134.11 (20/11/2013 low) invalidates the long-term succession of higher lows. The resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. More sideways moves are now expected. A key support stands at 124.97 (13/06/2013 low).

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