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    Technical analysis of EUR/JPY for Febuary 5, 2016 2016-02-05

    General overview for 05/02/2016:

    The golden trend line had capped any price rally to the upside and the market reversed lower to trade around the weekly pivot level. As long as the level of 131.65 is not clearly violated, the bullish breakout in not possible and the market will be still trading inside the range zone to make the corrective cycle more complex and time-consuming.

    Support/Resistance:

    133.69 - WR1

    132.27 - Local High|Technical Resistance|

    131.65 - Intraday Resistance

    130.76 - Weekly Pivot

    130.05 - Intraday Support

    129.18 - WS1

    Trading recommendations:

    Buy orders from yesterday should still be kept open as the market confirms our bullish bias (SL below 130.00, TP open for now). The uptrend might have just resumed, so it will be more profitable to keep buy orders open for some longer time.

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