Forex4you Technical Analysis 22 June 2011

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Forex4you Technical Analysis 22 June 2011

Post  namrata on Wed Jun 22, 2011 6:15 am

EUR/JPY: roll-over potential
The EUR/JPY has rolled-over and is descending quite rapidly. There is a chance the trend has changed and we are into Elliot wave 5 down from the 7th June highs. There is a support and resistance level at 114.90 and a point and figure target at 114.45 which could act as consolidation zones. Alternatively the up-trend may simply continue with the 0.1x3 point and figure chart supplying an upside target at 116.00 which has still not been achieved.

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Analysis by: Joaquin Monfort
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