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    Technical analysis of EUR/JPY for March 15, 2016 2016-03-15

    General overview for 15/03/2016:

    The five wave impulsive pattern has been completed, and now the market is in the corrective cycle. The correction might be complex and time consuming, but it can't violate the 123.07 level. If it does, the alternative count will be in play which suggests more downward wave progression towards the 122.06 level.

    Support/Resistance:

    127.26 - Intraday Resistance

    126.05 - Weekly Pivot

    125.58 - Intraday Resistance

    124.90 - Intraday Support

    124.82 - WS1

    123.07 - Green Impulsive Cycle Invalidation Level

    121.83 - WS2

    Trading recommendations:

    Day traders should buy on the dips with SL below 123.07 and TP open for now.

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