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    Technical analysis of EUR/JPY for April 2, 2015

    General overview for 02/04/2015 09:40 CET

    The anticipated last sub-wave down was made, but it was rather short-lived and did not reach the indicated target level. Nevertheless, there are two Elliott wave counts that indicate a possible wave X brown completion now and further gains in this pair. The key level of intraday resistance at 129.43 had been violated but made no hourly close yet. Moreover, in case of any further break out, the black dashed channel line might get broken and that will be another confirmation of possible uptrend resumption. On the other hand, only a new low below the level of 128.44 would invalidated this scenario and evolve into more complex corrective structure.

    Support/Resistance:

    126.89 - Swing Low

    127.55 - WS2

    128.44 - WS1

    128.60 - Intraday Support

    129.43 - Intraday Resistance

    130.02 - Weekly Pivot

    130.39 - Intraday Resistance

    Trading recommendations:

    Sell orders from yesterday should be closed with profit and currently daytraders should consider opening buy orders only if there is an hourly close above the level of 129.43 with very tight SL (20-30 pips max) and TP at the level of 130.39.

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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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