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6 Feb 2015
EUR/JPY: Looking to reset shorts - JPMorgan
FXStreet (Bali) - Last week, JP Morgan took partial profit on a core short position in EUR/JPY from 133.75 at 130.70, although they intend to reset short between 136.67 and 137.65.
Key Quotes
"We took partial profit on our core short position from 133.75 at 130.70, as key.-Fib.-support at 130.63 (int. 38.2 %) was expected to trigger a bounce."
"The latter is on its way, but looks to be capped below key resistance between 136.67 and 137.65 (minor 38.2 %/pivot) so that we intend to add to our shorts right below, with a stop above in anticipation of a setback into 121.94 (50 %)."
Key Quotes
"We took partial profit on our core short position from 133.75 at 130.70, as key.-Fib.-support at 130.63 (int. 38.2 %) was expected to trigger a bounce."
"The latter is on its way, but looks to be capped below key resistance between 136.67 and 137.65 (minor 38.2 %/pivot) so that we intend to add to our shorts right below, with a stop above in anticipation of a setback into 121.94 (50 %)."