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    Technical analysis of EUR/JPY for Febuary 1, 2016 2016-02-01

    General overview for 01/02/2016:

    From the Elliott Wave point of view, the current upward move might be completed as there are five impulsive wave seen in the hourly chart. Moreover, a three-wave corrective cycle is visible as well, so any rally upwards that breaks the local high at the level of 132.31 will be labeled as wave three of the main impulsive structure. Nevertheless, an alternative count suggests even more impulsive wave progression to the upside as long as the level of 130.22 is not violated.

    Support/Resistance:

    133.69 - WR1

    132.27 - Local High|Intraday Resistance|

    130.76 - Weekly Pivot

    130.22 - Intraday Support

    129.18 - WS1

    Trading recommendations:

    Day traders should refrain from trading and wait for another trading setup to occur.

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