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Technical analysis of EUR/JPY for March 19, 2015

General overview for 19/03/2015 CET

The anticipated last wave of corrective cycle to the upside was done. It is labeled as wave (c) blue. The entire corrective structure was labeled as wave W brown. Currently, it looks like the pair is making the wave X brown of more complex corrective cycle to the upside. The black dashed channel should provide some support right at the level of 129.14. On the other hand, the intraday and technical resistances at the levels of 131.66 and 131.86 should provide a nice cap for the price at least for the period of wave X brown development.

Support/Resistance:

133.33 - WR2

132.45 - 61%Fib

131.84 - Technical Resistance

131.66 - Intraday Resistance

131.39 - 50%

129.90 - WR1

129.14 - Intraday Support

128.41 - Weekly Pivot

Trading recommendations:

The buy orders advised yesterday should be all closed in profit now. Congrats for those who trade it!

For today, it will be quite relevant for daytraders to keep an eye on the level of 129.14 for any possible breakout to the downside or bounce. Please, notice that "easy money" on this pair has been already made and now, the trading conditions might get choppy and full of whipsaws as wave X brown develops.

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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