Technical analysis of EUR/JPY for Febuary 11, 2015 Market Analysis Review

General overview for 11/02/2014 08:30 CET

The important resistance level has been violated yesterday and the alternate impulsive scenario has been invalidated. The market is consolidating just under the intraday resistance at the level of 135.46 and it looks like this level will be broken sooner or later to test the weekly pivot levels. Moreover, the projected resistance is at the level of 137.63 and it corresponds to the upper boundary of the golden channel. This level might be a very likely zone for a potential reversal and downtrend continuation.

Support/Resistance:

137.63 - Technical Resistance

137.27 - WR2

136.15 - WR1

135.46 - Intraday Resistance

134.21 - Weekly Pivot

Trading recommendations:

Sell order from yesterday hit the SL, so currently only buy orders should be opened if the level of 135.46 is violated. TP ais t the level of 137.63, SL is below the level of 134.55.

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



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