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Technical analysis of EUR/JPY for August 2, 2016

General overview for 02/08/2016:

The market is trading in a horizontal range between the weekly pivot at the level of 114.86 and intraday support at the level of 113.91.The bottom for the wave c green seem to be in place, but this corrective counter-trend wave progression might evolve into more complex and time-consuming pattern. If there is no clear break out above the level of 117.12, then this scenario is very likely.

Support/Resistance:

118.45 - Technical Resistance

118.15 - WR2

117.12 - Intraday Resistance

115.85 - WR1

114.86 - Weekly Pivot

113.91 - Intraday Support

112.62 - WS1

111.61 - WS1

Trading recommendations:

Traders should refrain from trading as there is no clear trading setup yet. The corrective cycle might still be unfolding as any of the key levels hasn't been violated yet.

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