InstaForex - Analytics

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    Technical analysis of EUR/JPY for July 4, 2016

    General overview for 04/07/2016:

    The corrective cycle in wave iv is evolving into a complex and time-consuming pattern, possibly a triangle or any other WXY complex structure. The technical resistance at the level of 115.48 is still the most important level for any bullish rally as it can not be violated. There is still one more wave to the downside missing in order to complete the structure.

    Support/Resistance:

    109.07 - WS3

    109.55 - Wave iii Bottom

    110.32 - WS2

    111.37 - Intraday Support

    112.53 - WS1

    113.29 - Intraday Support

    113.66 - Weekly Pivot

    114.78 - Intraday Resistance

    115.48 - Technical Resistance

    116.00 - WR1

    117.07 - WR2

    119.33 - WR3

    Trading recommendations:

    Day traders should consider opening sell orders at current price levels, with SL above the level of 115.50 and TP open for now. The reason for this trade is, that there is still one more wave to the downside missing.

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