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Forex pairs in this Article » EUR/JPY
FXstreet.com (Barcelona) - Commerzbank analysts are extremely cautious for the upmove "as the daily RSI is currently exhibiting a triple divergence": "The near term risk is for a downside correction and attention reverts to the 2 month uptrend at 115.35", wrote analyst Karen Jones. "We are wary of the upmove - we have a TD perfection set up (Tom de Mark warning flag that the move may be about to reverse) on the weekly, but currently while above the uptrend we will give the upside the benefit of the doubt", she continued, pointing to an overall upside bias towards the 123.00/33 2011 high and 38.2% retracement of the move down from 2008, and interim resistance at 121.55, the 61.8% retracement of the move down from the end of 2009.
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