InstaForex - Analytics


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    Technical analysis of EUR/JPY for March 23, 2016 2016-03-23

    General overview for 23/03/2016:

    The abc green corrective cycle in wave (ii) had been completed at the level of 124.67. Moreover, the immediate upward reaction looks impulsive in nature and might be the beginning of a new upward impulsive wave progression. Nevertheless, the alternative count suggests that the 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.


    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

    124.67 - Intraday Support

    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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