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    Technical analysis of EUR/JPY for May 12, 2015

    General overview for 12/05/2015 07:40 CET

    As anticipated yesterday, the market went up to test the golden trend line. Now, it is trading at the key intraday level. Any breakout higher would directly expose the intraday resistance at the level of 135.36 and the leading diagonal idea will be invalidated if this level is broken. On the other hand, if the golden trend line provides enough resistance, the price should reverse at the current level, head below the first intraday support at the level of 134.23, and then even lower, down to the level of 133.47. The near-term bias is still bearish and only a sustained breakout above the intraday resistance would be a bias change for this market.

    Support/Resistance:

    131.47 - WS2

    132.73 - WS1

    133.09 - Technical Support|Key Level|

    133.47 - Intraday Support

    134.23 - Intraday Support

    134.33 - Weekly Pivot

    135.36 - Intraday Resistance

    135.56 - WR1

    135.97 - Swing High

    Trading recommendations:

    As long as the market is below the dynamic golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 135.00 and TP at the level of 133.09 with a possible extension downward.

    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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