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    Technical analysis of EUR/JPY for April 29, 2015

    General overview for 29/04/2015 11:20 CET

    The corrective cycle is about to hit the major resistance level and it might be the end of the wave B black of the overall bigger degree corrective cycle in larger time frame. It means that another leg down, labeled in terms of a larger degree cycle, is about to start. The first clue would be an impulsive breakout below the key level at 130.10 and then 128.82. If those level are not violated, the market will continue higher and the overall corrective cycle will get even more complex and time consuming.

    Support/Resistance:

    131.72 - Technical Resistance

    131.64 - WR2

    130.51 - WR1

    130.66 - Intraday Support

    130.10 - Intraday Support

    128.97 - Weekly Pivot

    128.82 - Technical Support

    Trading recommendations:

    Daytraders should consider opening sell orders at the level of 131.64, with SL below the level of 132.81 and TP at the level of min. 130.66.

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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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