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Technical analysis of EUR/JPY for January 15, 2016

General overview for 15/01/2016:

There is one more sub-wave to the downside possible before the uptrend rebounds as wave b purple progression is getting more complex and time-consuming. A target for the potential wave c purple is still seen at the level of 129.61, just above the old wave -iv- top. Nevertheless, to confirm this scenario, the price must break out higher above the golden trend line in an impulsive fashion.

Support/Resistance:

127.31 – Intraday Support

128.31 – Weekly Pivot

129.08 – Intraday Resistance

129.31 – Wave c Target Projection

131.01 – Technical Resistance

Trading recommendations:

Day traders should place buy orders from current market levels witch SL just below the last intraday support at the level of 127.31 and TP at the level of 129.61.

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The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of EUR/JPY for January 15, 2016 Reviewed by on . General overview for 15/01/2016:There is one more sub-wave to the downside possible before the uptrend rebounds as wave b purple progression is getting more com General overview for 15/01/2016:There is one more sub-wave to the downside possible before the uptrend rebounds as wave b purple progression is getting more com Rating:
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