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    Technical analysis of EUR/JPY for March 21, 2016 2016-03-21

    General overview for 21/03/2016:

    The market is still trading inside the neutral zone and the congestion zone is getting tighter and tighter. The price fell back into the neutral zone and it is currently trading around the weekly pivot at the level of 125.39. 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:

    127.98 - WR2

    127.26 - Intraday Resistance

    126.76 - WR1

    125.39 - Weekly Pivot

    125.58 - Intraday Resistance

    124.90 - Intraday Support

    124.82 - WS1

    123.07 - Green Impulsive Cycle Invalidation Level

    121.87 - WS2

    Trading recommendations:

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

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