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    Technical analysis of EUR/JPY for Febuary 8, 2016 2016-02-08

    General overview for 08/02/2016:

    The price action still looks bullish as the market consolidates around the weekly pivot at the level of 130.66. The three-wave corrective structure in wave -ii- looks completed and as long as the level of 130.03 provides support, the outlook is still bullish. However, if the intraday support is clearly violated, then the corrective structure might get more complex and time-consuming. Moreover, in larger time frames the trend is still bullish as long as the level of 126.08 is not violated.

    Support/Resistance:

    132.66 - WR2

    132.32 - Local High

    131.32 - WR1

    130.66 - Weekly Pivot

    130.03 - Intraday Support

    129.34 - WS1

    128.76 - WS2

    127.29 - WS3

    Trading recommendations:

    We still expect the market to go upwards as the impulsive structure does not looks completed and the important bottom seems to be in place as well. This is why day traders should open buy orders as long as the level of 130.00 is not violated (SL below 130.00, TP open for now).

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