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14.10.2014 02:10 PM
Technical analysis of EUR/JPY for October 14, 2014

General overview for 14/10/2014 12:55 CET

Yesterday's intraday resistance at the level of 136.55 has held the rally and the market has reversed from this resistance level and made new low. This is why the count has been slightly changed to extend the last wave Z brown a little more to the downside before the bounce in Wave B black will begin. Please notice the building bullish divergence on awesome oscillator that supports the view, that this market is about to rebound.

Support/Resistance:

134.62 - WS1

135.08 - Intraday Support

135.54 - Intraday Resistance

136.30 - Weekly Pivot

136.55 - Technical Resistance

136.96 - WR1

136.93 - Technical Resistance

Trading recommendations:

Yesterday's advise to buy only if the level of 136.55 is clearly broken, worked as planned as the market wasn't strong enough to breakout above it, so the only reasonable way to trade was to open a short order. Currently more selling pressure is expected as well and the intraday target is at the level of 134.62.

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Summary
Urgency
Analytic
Sebastian Seliga
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