InstaForex - Analytics

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    Technical analysis of EUR/JPY for March 22, 2016 2016-03-22

    General overview for 22/03/2016:

    The price has managed to break out of the triangle and currently it is testing the higher triangle line from above. 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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