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02.12.2014 12:44 PM
Technical analysis of EUR/JPY for December 2, 2014

General overview for 02/12/2014 11:35 CET

The corrective cycle labeled as wave X brown might have been completed, but so far there is not much of evidence that the price is resuming the impulsive wave progression to the downside in order to complete the correction in leg Y brown. Instead, the market is trading in the tight range zone and breakout above the intraday resistance at the level of 148.14 is needed for the price to test the latest swing high at the level of 149.15. Otherwise, the bias is still bearish as long as no new high is made.

Support/Resistance:

149.11 - WR1

148.09 - Intraday Resistance

147.40 - Intraday Support

147.34 - Weekly Pivot

146.65 - WS1

145.68 - Technical Support

144.89 - WS2

144.54 - 144.74 - Minimum Target Projection Level

Trading recommendations:

As long as no new high is made, traders should still consider selling this pair from the current market levels with SL above the level of 148.14 and TP at the level of 144.77.

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Summary
Urgency
Analytic
Sebastian Seliga
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