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    Technical analysis of EUR/JPY for March 3, 2015

    General overview for 03/03/2015 09:20 CET

    Yesterday's breakout above the intraday level has been very brief and the price had reversed to the downside again. Moreover, the wave progression from wave X brown low is in three waves, so the impulsive rally hasn't really started yet. Please notice, that the golden trend line had been rejected so far as well and the market is trading below the weekly pivot points at the level of 134.22. That wave development might mean the lows of wave X brown might get tested again and in case of a sudden breakout below the level of 133.43 the next support is seen at the level of 132.77.

    Support/Resistance:

    132.77 - WS1

    133.43 - Intraday Support

    134.22 - Weekly Pivot

    134.59 - Intraday Resistance

    135.02 - WR1

    Trading recommendations:

    The buy orders should still be kept open and the SL should be placed below the level of 133.42. Please notice, that any breakout below this level invalidates any possibility of a bullish wave progression.

    eurjpy_h1.jpg

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    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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