Technical analysis of EUR/JPY for Febuary 10, 2015 Market Analysis Review

General overview for 10/02/2015 11:35 CET

The momentum in this market is almost gone as it is shown by the RSI indicator that is currently forming a triangle. The pair is still trading inside the daily range, between the levels of 133.63 - 135.36. Only a breakout higher above the level of 135.36 would invalidate the alternative scenario and put the level of 137.64 in view for test. Otherwise, the bias looks bearish and one more wave to the downside is needed to complete the impulsive cycle.

Support/Resistance:

136.74 - Key Resistance

137.27 - WR2

136.15 - WR1

135.36 - Intraday Resistance

134.22 - Weekly Pivot

133.63 - Intrday Support

133.11 - WS1

132.32 - Key Level To The Downside

Trading recommendations:

Sell orders advised yesterday should be still kept open. SL should be placed above the level of 135.36 and open TP level for now.

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



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