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Technical analysis of EUR/JPY for November 7, 2016

General overview for 07/11/2016:

The bottom for the blue wave (b) had been established at the level of 114.00 and currently the market is developing another upward wave. The invalidation level is at the top of the purple wave 1 at the level of 114.71, so any violation of this level will invalidate the bullish impulsive count. The triangle structure for the purple wave 4 is currently in progress as well, so the intraday horizontal price action is being expected.

Support/Resistance:

115.88 - Intraday Resistance

115.77 - WR1

115.29 - Intraday Support

114.89 - Weekly Pivot

114.71 - Invalidation Level

114.12 - WS1

113.22 - WS2

Trading recommendations:

The impulsive structure does not look completed yet, so day traders should consider to open buy orders with SL set just below the level of 114.71.

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