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    Technical analysis of EUR/JPY for March 18, 2015

    General overview for 18/03/2015 09:20 CET

    As anticipated from the beginning of the week wave c green to the upside had been made. But please notice that it might get extended to the upside even more. The intraday resistance at the level of 129.03 had been violated as well, but no H1 close occurred so far above this level. Currently, the market is hovering around the weekly pivot at the level of 128.41 and it is possibly waiting for important Fed's news later today. Please notice that the corrective cycle might get even more complex now and this had been indicated by labeling the top of the wave c green as wave (a) blue.

    Support/Resistance:

    126.89 - Technical Support

    129.07 - 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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