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05.02.2014 11:29 AM
Technical analysis of EUR/JPY for Febuary 5, 2014

General overview for 05/02/2014 09:00 CET

The lack of the impulsive wave development to the upside after supposed bottom for wave 4 purple has been fount doesn't look good for the main count. Moreover, market has not been able to break out above 137.50 level as well. Currently, the price starts to making lower highs and the test of the level of 136.21 is in view again. Breakout below of this level directly exposes the invalidation line at the level of 135.44. As long as this will not happen, the price stays in corrective cycle range zone.

Support/Resistance:

137.50 - Intraday Resistance

136.21 - Intraday Support

135.87 - WS1

135.44 - Invalidation Line

Trading recommendations:

As long as price stays within the corrective cycle price zone there is no good entry. Trade the breakout of the range in either direction.

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Summary
Urgency
Analytic
Sebastian Seliga
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