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    Technical analysis of EUR/JPY for November 11, 2015

    General overview for 11/11/2015 10:20 CET

    The first attempt to break above the the golden channel line has failed, but there is still a possibility of a further rally upward. Currently, the market is trying to break above the weekly pivot level. The first target for wave (b) is seen at the level of 133.55, but it might goes higher into the demand breakthrough zone and be capped then.

    Support/Resistance:

    131.61 - Intraday Support

    131.47 - WS1

    132.40 - Intraday Resistance

    123.34 - Weekly Pivot

    133.20 - WR1

    Trading recommendations:

    Day traders should consider placing buy orders at current levels with SL below the level of 131.46 and TP at the level of 133.55.

    eurjpy_h1.jpg

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