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Technical analysis of EUR/JPY for March 15, 2016

General overview for 15/03/2016:

The five wave impulsive pattern has been completed, and now the market is in the corrective cycle. The correction might be complex and time consuming, but it can't violate the 123.07 level. If it does, the alternative count will be in play which suggests more downward wave progression towards the 122.06 level.

Support/Resistance:

127.26 - Intraday Resistance

126.05 - Weekly Pivot

125.58 - Intraday Resistance

124.90 - Intraday Support

124.82 - WS1

123.07 - Green Impulsive Cycle Invalidation Level

121.83 - WS2

Trading recommendations:

Day traders should buy on the dips with SL below 123.07 and TP open for now.

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