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    Technical analysis of EUR/JPY for March 17, 2016 2016-03-17

    General overview for 17/03/2016:

    After a false breakout above the golden trend line, the price fell back into the neutral zone and currently it is trading around the weekly pivot at the level of 126.05. The ongoing correction might be complex and time-consuming, but it cannot 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 dips with SL below 123.07 and TP open for now.

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