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13 May 2013
Forex Flash: EUR/JPY buy on dips – Danske Bank
FXstreet.com (Barcelona) - The pair is consolidating below the key resistance at 132.00 on Monday, retracing ground after last week’s tops around 131.40/50 on a weaker yen.
According to the research team at Danske Bank, the pair would head higher after completing a 4-week triangle formation. The analysts added that a surpass of 130.43/131.12 would open the door to 132.04. “Clearance here boosts the tone further for 134.54 next, the 30 November 2009 lower high. The triangles’ projected target then lies at 136.55. Moving averages are rising in positive formation, while momentum and other studies also support/confirm the market’s positive structure”, concluded the experts.
According to the research team at Danske Bank, the pair would head higher after completing a 4-week triangle formation. The analysts added that a surpass of 130.43/131.12 would open the door to 132.04. “Clearance here boosts the tone further for 134.54 next, the 30 November 2009 lower high. The triangles’ projected target then lies at 136.55. Moving averages are rising in positive formation, while momentum and other studies also support/confirm the market’s positive structure”, concluded the experts.