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    Technical analysis of EUR/JPY for July 22, 2015

    General overview for 22/07/2015 08:05 CET

    The weekly pivot at the level of 134.05 provided good support for the market to bounce higher, just as anticipated yesterday. The nature of this move is not clearly impulsive yet as it looks like a three-wave move upward so far. Nevertheless, if the intraday resistance at the level of 135.75 is violated before any fresh low is made, much higher levels should be expected.

    Support/Resistance:

    136.17 - WR2

    135.75 - Intraday Resistance

    135.34 - WR1

    135.04 - Weekly Pivot

    134.23 - WS1

    Trading recommendations:

    As long as the weekly pivot provides support, daytraders should consider opening buy orders with SL below the level of 135.00 and TP at the level of 136.17.

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