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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Daily analysis of EUR/JPY for August 08, 2016

EURJPYH4.png

Overview

The EURJPY pair ended last Friday's trading with a new positive close above the 112.35 support line and started forming positive waves as shown on the chart. The price is supported by stochastic exit from the oversold areas, which suggest bullish attempts in the near and medium term until reaching 115.10. On the other hand, an attempt to break the current support will open the way to suffer more losses that start at 111.30 then 109.50. Therefore, we should monitor the price behavior carefully for renewed pressure on the support level to avoid any changes in the trend.

The material has been provided by InstaForex Company - www.instaforex.com