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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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Analysis of EUR/JPY for August 23, 2017

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Recently, the EUR/JPY pair has been trading sideways at the price of 128.70. Anyway, according to the 30M time frame, I found a broken upward trendline and contraction between the swings, which is a sign that buying looks risky. The Moving average oscilator is showing a hidden bearish divergence, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward target projection is set at the price of 127.55.

Resistance levels:

R1: 129.30

R2: 129.70

R3: 130.25

Support levels:

S1: 128.35

S2: 127.85

S3: 127.45

Trading recommendations for today: watch for potential selling opportunities.

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