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FX.co ★ Technical analysis of EUR/JPY for July 23, 2014

Technical analysis of EUR/JPY for July 23, 2014

General overview for 23/07/2014 10:10 CET

The downside wave progression is unfolding exactly as anticipated. Now, the downside developments should be in progress as per main count. Nevertheless, the alternate labeling is suggesting that the sell-off might be limited now as the five waves sequence is mature and some upside correction might unfold here. The target for wave alt: (v) green is at the level of 136.17 and then some bounce should be expected. The medium-term bias is still bearish.

Support/Resistance:

139.05 - WR2

138.43 - Wave 4 Top

137.91 - WR1

137.48 - 137.63 - Techncial Resistance

137.32 - Weekly Pivot

136.57 - Intraday Resistance

136.17 - WS1

136.07 - Wave alt.(v) Target Level

Trading recommendations:

The TP level has been hit. Now, day traders should wait for another setup to appear. Patience.

Technical analysis of EUR/JPY for July 23, 2014

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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