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    Technical analysis of EUR/JPY for March 11, 2016 2016-03-11

    General overview for 11/03/2016:

    As anticipated yesterday, the wave 3 purple to the upside had been made in an impulsive fashion. Currently, the market is in sub-corrective cycle and when it is completed, another rally upwards is anticipated. The targets for wave 5 are around the level of 128.00. Only a sustained breakout below the level of 124.91 would invalidate the bullish scenario.

    Support/Resistance:

    127.99 - WR2

    126.90 - WR1

    125.56 - Intraday Support

    124.48 - Weekly Pivot

    123.41 - WS1

    122.06 - Swing Low

    Trading recommendations:

    Yesterday's buy orders has been closed with massive profits. For those of traders who decided to keep buy orders open, the next TP is seen at the level of 128.00.

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