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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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EUR/JPY analysis for April 11, 2017

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Recently, the EUR/JPY pair has been trading downwards. The price tested the level 116.88. According to the 4H time frame, I found that price is trading in well defined downward channel, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The critical support level is set at the price of 116.80. The breakout of support would confirm further downward continuation. The downward target is set at the price of 114.60.

Resistance levels:

R1: 117.50

R2: 117.60

R3: 117.85

Support levels:

S1: 117.00

S2: 116.90

S3: 116.65

Trading recommendations for today: watch for potential selling opportunities.

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