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Tracing the EUR/JPY Retracement

If we look at EUR/JPY monthly chart it has been trading in the range of 188 touched in May 1990 to 90 touched in October 2000 with a downward bias. The current downward trend began in December 2014 from the levels of 150 on monthly charts.
After falling to the lows of 109.6 in June 2016 it has been in retracement mode with support coming in at price levels of 112.2.
I expect it to trade in range for few more weeks before it resumes it's downward trend again.
I expect the price to be around 117.2…
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Kiwi pulls back but holds

Kiwi started the week on the back foot as it pulled back some 60 pips from the opening level before 0.65 level stopped the decline. After briefly trading above 0.66 on Friday, the pair fell back below both 50 and 100 DMA.
It looks well supported into 0.65 and if the level holds the pair will be on the way to 0.6750 and, perhaps, 0.70. If the level fails, a retest of 0.6350 - 0.6400 and possibly cycle-low at 0.6235 will become probable.
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Cable through 1.50

Cable was pushing higher all morning before losing about 30 pips ahead of the release of the BOE Meeting Minutes. The report was upbeat and the pair rocketed to 1.5050 and later, just before US open, into 1.5075. The rally then ran out of steam and the pair went back down to grab some bids above 1.50.
50 DMA (1.5036) and previous week high (1.5053) are levels to watch and if the pair manages to close above a least one of them, that'd be very bullish.
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The pairs mostly remain in ranges

USD is showing some strength across the board today.
Aussie appears to be the heaviest of major pairs, with RBA governor Stevens' comments not helping it. The pair will likely remain in recent range until RBA meeting on May 5. 50 DMA is now running right through the middle of this range while 100 DMA is nearing from above.
Technically, the most likely direction is down, but if RBA fails to deliver in May, that may well be preceded by a deeper pullback.
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EURo rejects 1.10

It seemed that Euro successfully regained 1.10, after it has briefly traded above post-FOMC high (1.1035) and 1.1050 level in Europe, but it reversed from there and fell all the way to the range support at 1.09. If it breaks below that, 100 DMA and Daily Support 2 near 1.0850 will be the first two levels to watch.
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USD pullback continues

Euro gained 80 pips on the day (150 from European session low) so far, as broader USD weakness continues into the week. It stalled ahead of 1.0950 but the first real test will come between 1.10 and post-FOMC high at 1.1035 before January low near 1.11 and 50 DMA near 1.12.
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