Technical analysis of EUR/JPY for Febuary 18, 2015 Market Analysis Review

General overview for 18/02/2015 10:20 CET

The wave (a) blue developed exactly as anticipated, and now intraday corrective cycle in wave (b) blue is in progress. This cycle might develop in different pattern, but when it is completed, another high should be made in this market. Notice that the projected target is at the level of 137.64 and a reversal is expected from this zone.

Support/Resistance:

137.74 - Technical Resistance

136.71 - WR1

136.35 - Intraday Resistance

135.46 - Intraday Support

135.20 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels with SL below the level of 135.45 and TP at the level of 136.71 with possible extension upward to the level of 137.64.

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



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