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Lucas: Buying EURJPY on a dip

Steve Lucas from 3c Analysis is looking at buying EURJPY. Last week the pair posted a weekly Hammer at an eleven month low. According to Steve, this week’s signals point at buying dips towards 135.25, which is a 62 percent pullback to the gains since last week’s low. Steve mentions some risks: firstly prices are still below the 50 & 100 day averages and secondly yesterday’s Ebola scare in New York might cause some concern.

Steve’s call is to buy on the open at 136.30 with a stop at 136.00. His targets are 137.69, a 50 percent recovery to losses since September's high and 137.94 which is the two week top

01:05 minutes
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