EURJPY Breakout From the Triangle Pattern

The breakout from the triangle pattern looks completed with the local top at the level of 123.85. This top is labeled as wave -i- top, so now the market is developing internal intraday correction. The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.83. The bias remains bullish as there are unfinished waves to the upside.
Support/Resistance:
124.28 – WR1
123.85 – Intraday Resistance
122.92 – Weekly Pivot
122.83 – Intraday Support
122.04 – WS1

Trading recommendations:
Daytraders should still consider buying the dips in this market as the upward wave progression is uncompleted.
this material has been provided by instaforex company 
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.






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