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    Technical analysis of EUR/JPY for April 8, 2015

    General overview for 08/05/2015 08:10 CET

    As mentioned yesterday, the wave five upward price progression has been completed. Now, the market is ready to continue the decline lower. The first clue comes with a wave five decline from the top of 135.97 for the wave B and now, as long as the intraday resistance at the level of 135.17 is not violated, the key downside continuation level is intraday support at the level of 134.16. A break out lower would mean that the weekly pivot might get tested and even violated.

    Support/Resistance:

    139.97 - Swing High

    135.17 - Intraday Resistance

    134.16 - Intraday Support

    133.34 - Weekly Pivot

    Trading recommendations:

    The sell orders from yesterday should be still kept open and any break out below the level of 134.16 provides another selling opportunity with TP at the level of 133.34.

    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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