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    Technical analysis of EUR/JPY for May 29, 2015

    General overview for 29/05/2015 08:00 CET

    Apart from the Elliott wave count there is another important pattern emerging in the H4 time frame: head and shoulders reversal pattern with clearly defined levels. Currently, the price is consolidating around the left shoulder and 61%Fibo zone. So, the possibility of a downside move from the current level is quite high. Only a clear breakout above the recent high at the level of 136.94 invalidates both the count and technical pattern.

    Support/Resistance:

    136.12 - 78%Fibo

    135.66 - 135.47 - Key Zone

    135.34 - Intraday Support

    135.23 - WR1

    Trading recommendations:

    Daytraders should consider opening sell orders from the current market levels with SL orders should be placed very tight above the level of 135.97 and TP orders should be placed at the level of 135.08 with a possible downside extension.

     

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    Uitgevoerd door, Analytische expert
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