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FXHighway
Jan 6, 2015 7:05 AM

EURJPY: Head & Shoulders' pattern supports more correction. Short

Euro Fx/Japanese YenFXCM

Description

Target: 140.10
Risk: 143.80

Technical Reasons:

A head and shoulders’ pattern was completed to support continuing the short term bearish correctional wave, and the full target of this pattern is located at 140.10, meeting 61.8% Fibonacci level for the bullish wave measured from 134.13 to 149.77.

Negative pressure from the exponential moving average 50, and negative signal comes from stochastic indicator.


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Comments
FXHighway
The pair exceeded the full target, and breaking 76.4% Fibonacci extends the bearish wave towards 134.13.
Technician
Looks like retesting the recent major support near 134.00, well done
FXHighway
Thank you
Technician
Great pattern, and heavy downside, what is your view now?
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