InstaForex - Analytics

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    Technical analysis of EUR/JPY for July 23, 2015

    General overview for 23/07/2015 09:20 CET

    The first indications of a possible impulsive upside rally occurred on the market. The recent wave five progression to the upside had been labeled as the leading diagonal wave i blue and now the market awaits three wave corrective cycle. To confirm this labeling, the market can not violate intraday support at the level of 134.86 and it should break out above the golden trendline when the corrective cycle is completed.

    Support/Resistance:

    134.86 - Intraday Support

    135.04 - Weekly Pivot

    135.34 - WR1

    135.85 - Intraday Resistance

    136.17 - WR2

    136.77 - WR3

    Trading recommendations:

    Daytraders should consider opening buy orders from the levels closest to the intraday support with SL just below the level of 134.80 and TP at the level of 135.85.

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