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Technical analysis of EUR/JPY for Febuary 25, 2016

General overview for 25/02/2016:

The market rallied sharply yesterday, but the intraday resistance hasn't been violated yet. To confirm that the bottom for wave B blue is in place, the price must break out above the level of 125.01 in an impulsive fashion. Nevertheless, the market is still trading in a bearish zone and the whole structure evolves more complex and time-consuming correction even in the longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

Support/Resistance:

122.48 - Intraday Support

122.70 - WS2

123.59 - WS1

125.02 - Intraday Resistance

125.90 - Weekly Pivot

126.75 - WR1

128.27 - Technical Resistance

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open the buy orders when the bottom of the wave B blue is in place.

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