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    Technical analysis of EUR/JPY for March 12, 2015

    General overview for 12/03/2015 08:55 CET

    The impulsive wave progression to the downside in the last wave 5 red looks like overextended. It means a sharp corrective counter-trend movement might happen soon. Any breakout above the intraday resistance at the level of 129.24 is the first clue that supports this view.

    Support/Resistance:

    127.63 - Intraday Support

    128.12 - WS2

    129.10 - WS1

    129.24 - Intraday Resistance

    130.72 - Intraday Resistance

    Trading recommendations:

    Daytraders should consider opening buy orders only if the level of 129.24 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 127.63 and TP orders should be placed at the level of 130.72.

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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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