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Technical analysis of EUR/JPY for July 12, 2016

General overview for 12/07/2016:

There is a possibility that the market has made a truncated fifth wave that terminated at the level of 110.83. This wave has been labeled as wave (a), so wave (b) is now developing to the upside. The (b) wave should reach the level of 114.76 or even extend a little higher to the level of 115.48 before it will resume the downtrend. A breakout below the intraday support at the level of 113.36 will be the first clue that the top for the wave (b) is in place.

Support/Resistance:

108.24 - WS2

109.25 - WS1

109.55 - Wave ii Bottom

110.83 - Intraday Support

111.93 - Weekly Pivot

113.00 - WR1

113.36 - Intraday Support

114.76 - Intraday Resistnace

115.55 - WR2

116.65 - WR3

Trading recommendations:

All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.

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