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    Technical analysis of EUR/JPY for March 23, 2015

    General overview for 23/03/2015 09:00 CET

    The current wave development follows the anticipated path. The corrective cycle in wave X brown looks completed now, the next cycle is to finish the wave Y brown to the upside. The market is currently trading around the weekly pivot at the level of 129.75 and the wave b green might be completed at this level. Nevertheless, the upward wave progression might happen only if the top of the wave a green is violated in an impulsive fashion. A lack of this kind of price action will indicate even more complex and time-consuming wave X brown.

    Support/Resistance:

    126.89 - Swing Low

    127.78 - WS1

    128.26 - Intraday Support

    129.51 - Intraday Support

    129.75 - Weekly Pivot

    130.67 - Intraday Resistance

    131.59 - 50%Fibo

    131.64 - Intraday Resistance

    131.84 - Technical Resistance

    Trading recommendations:

    Daytraders should consider opening buy positions only if the top of the wave a green is violated in an impulsive fashion. Otherwise, the market might still be making wave X brown.

    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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