InstaForex - Analytics

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    Technical analysis of EUR/JPY for Febuary 3, 2016 2016-02-03

    General overview for 03/02/2016:

    A three-wave corrective cycle to the downside looks now completed and further gains are anticipated. A breakout above the intraday resistance level of 130.81 will be the first confirmation of impulsive wave developing. A new high above the level of 132.23 will be the first target for bulls.

    Support/Resistance:

    133.69 - WR1

    132.27 - Local High|Technical Resistance|

    130.81 - Intraday Resistance

    130.76 - Weekly Pivot

    130.22 - Intraday Support

    129.18 - WS1

    Trading recommendations:

    An uptrend might be resumed now, so day traders should consider placing buy orders from the current market levels with SL below the level of 130.21 and TP open for now.

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