Eur/Jpy trading at tricky level

Written November 3, 2009 at 4:26 AM EST by  

Eur/Jpy is trading right around session lows after coming off just over 100 points. The 38.2% Fibo retracement using Oct. 29 high of 135.97 and Oct 30 low of 130.94 lies at 132.86. The pair has had a hard time to make a clean break below this level. If it does the pair may be in for a severe drop, possibly down to 131.00. If it holds look for a rebound to 133.50, the 50% Fibo lies at 133.46.

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