InstaForex - Analytics


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    Technical analysis of EUR/JPY for Febuary 12, 2016 2016-02-12

    General overview for 12/02/2016:

    An impulsive bullish count has been invalidated due to wave one and wave two overlaps. The current count however still indicates a possible upward wave progression as the low for the wave B cycle seems to be in place. This would mean the market still needs to make one more wave to the upside, wave C blue to complete the bigger-time-frame corrective cycle.


    126.08 - Invalidation Level

    126.86 - Intraday Support

    127.39 - WS3

    128.26 - Intraday Resistance

    128.76 - WS2

    129.34 - WS1

    Trading recommendations:

    Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.


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