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    Technical analysis of EUR/JPY for Febuary 25, 2016 2016-02-25

    General overview for 25/02/2016:

    The market rallied sharply yesterday, but the intraday resistance hasn't been violated yet. To confirm that the bottom for wave B blue is in place, the price must break out above the level of 125.01 in an impulsive fashion. Nevertheless, the market is still trading in a bearish zone and the whole structure evolves more complex and time-consuming correction even in the longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

    Support/Resistance:

    122.48 - Intraday Support

    122.70 - WS2

    123.59 - WS1

    125.02 - Intraday Resistance

    125.90 - Weekly Pivot

    126.75 - WR1

    128.27 - Technical Resistance

    Trading recommendations:

    Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open the buy orders when the bottom of the wave B blue is in place.

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