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    Technical analysis of EUR/JPY for March 8, 2016 2016-03-08

    General overview for 08/03/2016:

    The market is still trading inside of the neutral zone and there is still a chance for 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 downtrend resuming are high and a new low might be reached.

    Support/Resistance:

    127.99 - WR2

    126.90 - WR1

    125.55 - Intraday Resistance

    124.48 - Weekly Pivot

    124.25 - Intraday Support

    123.41 - WS1

    123.09 - Intraday Support

    122.06 - Swing Low

    Trading recommendations:

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

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