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Technical analysis of EUR/JPY for June 24, 2015

General overview for 24/06/2015 12:30 CET

hree impulsive waves might be observed on the hourly chart, followed by corrective wave four to the upside. Currently, there is one more wave down needed to complete an impulsive wave progression to the downside. Please notice the most important area is supply breakthrough zone between the levels of 138.29 and 137.98. Any breakout below this zone will trigger even sharper decline towards the weekly support pivot at the level of 137.07 (min).

Support/Resistance:

137.07 - WS2

137.98 - 138.29 - Supply Breakthrough Zone

138.19 - Intraday Support

138.50 - WS1

139.25 - Intraday Resistance

Trading recommendations:

The sell orders advised since Monday should be still kept open and traders should keep an eye on grey rectangle area for any possible break out lower.

eurjpy_h1.jpg

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