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    Technical analysis of EUR/JPY for March 9, 20169 2016-03-09

    General overview for 09/03/2016:

    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. The market should rally upward towards the level of 124.25 and break out above it in order to make another high. If the level of 123.09 is violated, a downtrend is likely to resume and a new low may be reached.

    Support/Resistance:

    127.99 - WR2

    126.90 - WR1

    125.55 - Intraday Resistance

    124.48 - Weekly Pivot

    124.25 - Intraday Resistance

    123.41 - WS1

    123.09 - Intraday Support

    122.06 - Swing Low

    Trading recommendations:

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

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