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04.09.2014 11:04 AM
Technical analysis of EUR/JPY for September 4, 2014

General overview for 04/09/2014 09:50 CET

Not much has changed since yesterday as the market is in corrective cycle labled by blue wave (b) and it is about to complete blue wave (c) to the upside. Then, the first leg of a complex corrective structure will be completed but any breakout below the level of 136.48 invalidates this bullish scenario.

Support/Resistance:

138.63 - WR3

138.25 - Intraday Resistance

138.14 - WR2

137.67 - Intraday Support

137.40 - Intraday Support

137.37 - WR1

136.89 - Weekly Pivot

Trading recommendations:

As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).

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