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    Technical analysis of EUR/JPY for Febuary 16, 2016 2016-02-16

    General overview for 16/02/2016:

    The intraday resistance at the level of 128.28 has not been broken yet, and the market is testing the golden trend-line support now. In case of a breakout, the next intraday support is seen at the level of 128.28. The market is still treading inside of the bearish zone, but the current count in the bigger time frames still indicates a possible upward wave progression as a 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, big-cycle wave C blue, to complete the bigger-time-frame corrective cycle.

    Support/Resistance:

    125.02 - WS1

    125.73 - Intraday Support

    127.98 - Weekly Pivot

    128.26 - Intraday Resistance

    130.13 - WR1

    133.09 - WR2

    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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