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    Technical analysis of EUR/JPY for May 13, 2016 2016-05-13

    General overview for 13/05/2016:

    The count was slightly modified to incorporate latest developments and the top of the wave (b) blue was reached exactly at the typical retracement area at the level of 124.64. After reaching the top, the market reversed and now the impulsive wave downside is in progress. The intraday resistance at the level of 123.60 should put a lid on any rally.

    Support/Resistance:

    120.33 - WS2

    121.20 - WS1

    122.36 - Weekly Pivot

    123.23 - WR1

    123.60 - Intraday Resistance

    124.37 - WR2

    124.64 - Wave (b) Top

    125.25 - WR3

    Trading recommendations:

    Day traders should consider opening sell orders from the current market levels with a tight SL (10-15 pips) and TP open for now (might extend to around 120.33).

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