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Usd/Jpy Heads Higher
Tuesday, 20 November 2012 16:15 GMT+2
 The euro rallied to a new high against the dollar on Tuesday as optimism grew that euro zone ministers would release funds for Greece after a cut to France’s credit rating late Monday night.  Focus is on the Eurogroup meeting and traders will be looking to see progress on Greece’s next tranche.  The usd/jpy rallied to high of 81.65 after BoJ held off from additional monetary stimulus while mounting political calls are asking for a more aggressive monetary expansion.  U.S. housing starts rose to their highest rate in more than four years in October, suggesting the housing market recovery is gaining stream helping the usd/jpy to rally further.
 
 
Technical Analysis
Currency Pair EUR/USD GBP/USD EUR/GBP USD/JPY EUR/JPY EUR/CHF DOW
Resistance 2 1.2875 1.5980 0.8075 82.00 105.15 1.2090 13000
Resistance 1 1.2850 1.5955 0.8065 81.80 104.85 1.2065 12850
Market   1.2795 1.5915 0.8040 81.65 104.50 1.2045 12723
Support 1 1.2750 1.5880 0.8005 81.05 103.50 1.2030 12600
Support 2 1.2690 1.5860 0.7990 80.70 103.05 1.2000 12400
 
 
Trade Idea
 
USDJPY
The pair broke out of its short term range and should be heading to test the 81.80 resistance level.  A clearance of this level will signal a bullish upward trend and should take the pair towards the 83.50 level.
 
 
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