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    Technical analysis of EUR/JPY for March 24, 2015

    General overview for 24/03/2015 10:35 CET

    The corrective cycle to the upside has bounced off the wave b green support zone and now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85. In the meantime the 50% Fibo at the level of 131.39 is providing the resistance as well. This is why an additional alternative count has been added to the overall development. Please notice there is a possibility of a rather sooncompletion of wave Y brown at the level of 131.39 and a possible market reversal. Nevertheless, this kind of wave progression is valid only if the weekly pivot at the level of 129.75 is violated.

    Support/Resistance:

    132.45 - 61%Fibo

    132.13 - WR1

    131.85 - Technical Resistance

    131.65 - Intraday Resistance

    131.39 - 50%Fibo

    130.49 - Intraday Support

    129.75 - Weekly Pivot

    Trading recommendations:

    Now, buy orders advised yesterday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85.

    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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