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EUR/JPY Trade - May 04, 2012

Short EUR/JPY at 104.50, Stop at 106.00, Take Profit 101.50


- Deteriorating european data

- Spain worries

- Weak European PMIs, higher than expected unemployment

- Yen safe haven status


- Head and shoulder pattern forming; right shoulder above neckline

- 200-day MA at 104.59 (Daily Chart)

* Trade could be undermined by BOJ intervention, positive euro data