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04.09.2015 11:18 AM
Technical analysis of EUR/JPY for September 4, 2015

General overview for 04/09/2015 11:00 CET

The latest bullish count labeling did not do well as the new low had been reached before wave b green unfold. So, let's just take a look at a higher cycle labeling to indicate a possible target for the recent market decrease. The 61%Fibo support is seen at the level of 131.92, 66%Fibo support is seen at the level of 131.09 and both of this levels correspond to the 1-to-1 geometry range ( orange rectangle). This zone might be then the target for wave C and a possible upside rebound form the zone is currently expected.

Support/Resistance:

131.92 - 61%Fibo

131.09 - 66%Fibo

131.75 - Technical Support

Trading recommendations:

Swingtraders should close their sell orders in the support zone between the levels of 131.92 and 131.09.

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Summary
Urgency
Analytic
Sebastian Seliga
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