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    Technical analysis of EUR/JPY for March 11, 2015

    General overview for 11/03/2015 08:30 CET
    The current Elliott wave to follow is the alternate count 2 presented a couple of days ago. In this count we can track an impulsive wave development from wave 4 blue high at the level of 135.88. The wave five decline looks like it is completed and it has been labeled as wave 1 or wave A with the bottom at the level of 129.22. Please notice that this low might be only the first wave of the overall impulsive decline in wave 5 blue. More downside decline is still possibleas long as the level of 130.71 is not broken.
    Support/Resistance:
    129.10 - WS1
    129.22 - Intraday Support
    130.71 - Intraday Resistance
    131.85 - Weekly Pivot
    Trading recommendations:
    Buy orders should be open only if the level of 130.71 is clearly violated with a minimum hourly candle close above this level. Moreover, the price action might get choppy and full of whipsaws.

    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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