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EURJPY Technical Analysis for December 09, 2015

Chart setups:
The daily chart presented here is indicate of 2 probable wave counts. First, prices have moved as per expectations last week, as counter trend rally towards the 134.50 levels. Now if the rally is here to stay, the pair is expected to correct lower and continue making higher highs and higher lows towards at least 137.00 levels in the coming weeks. The above count remains highly probable. On the flip side, the last week’s rally could be considered just as corrective and prices start drifting lower towards larger down trend, below 126.00 in the weeks to come. In both the above cases, at least a corrective drop is due towards 131.00 levels from here. Immediate support is seen at 133.20 levels, while resistance is at 136.00 levels respectively. Since RSI is also trading close to 70 levels, at least a corrective drop is favoured.
Trading recommendations:
Take profits on long positions taken earlier and remain flat.
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