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    Technical analysis of EUR/JPY for March 16, 2015

    General overview for 16/03/2015 08:10 CET

    The five wave impulsive development to the downside was completed, and the market is trying to make a corrective cycle to the upside. The first resistance comes at the level of 129.03 and a breakout above this level will be very important for further market moves, but the price will still stay inside the yellow range zone. Only a sustained breakout above the level of 131.87 would change the technical picture. On the other hand, any failure at the level of 129.03 might result in another test of the lows.

    Support/Resistance:

    126.89 - Intraday Support

    128.41 - Weekly Pivot

    129.03 - Intraday Resistance

    129.90 - WR1

    130.69 - Intraday Resistance

    131.59 - 50%Fibo

    131.87 - Intraday Resistance

    132.45 - 61%Fibo

    Trading recommendations:

    Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.

    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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