By
Forex4you |
Technical Analysis | Oct 17, 2011 05:14PM GMT |
The euroyen has started falling and it will probably fall further given the bearish resistance at the day's highs, which includes the 50-day MA. There is a cluster of support at the 105.10 level which could provide an initial target, after that, however, there is a possibility the exchange rate could bounce, possibly to as high as resistance at 106.50, in a wave 4 before 5 reaches back down to the 105 lows again.

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