InstaForex - Analytics

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    Technical analysis of EUR/JPY for March 7, 2016 2016-03-07

    General overview for 07/03/2016:

    The impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a chance of a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. In case of violation, the odds of a down trend resume are high and a new low might be made.

    Support/Resistance:

    127.99 - WR2

    126.90 - WR1

    125.55 - Intraday Resistance

    124.48 - Weekly Pivot

    123.41 - WS1

    123.09 - Intraday Support

    122.06 - Swing Low

    Trading recommendations:

    The buy stop orders triggered after the level of 125.00 breakout were profitable for some time, but currently they should be closed and day traders should refrain from trading and wait for a better trading setup to occur in the near term.

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