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    Technical analysis of EUR/JPY for July 29, 2015

    General overview for 29/07/2015 09:20 CET:

    The corrective cycle is getting more complex and time-consuming. Currently, the market is range bounded between the intraday support at the level of 136.41 and intraday resistance at the level of 137.09. The lower channel line is providing the dynamic support as well, but any breakout lower will result with immediate test of the weekly pivot at the level of 135.60.

    Support/Resistance:

    137.67 - WR2

    137.10 - Intraday Resistance

    136.86 - WR1

    136.43 - Intraday Support

    135.60 - Weekly Pivot

    134.77 - WS1

    Trading recommendations:

    Daytraders should close buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63.

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