Technical analysis of EUR/JPY for April 23, 2015 Market Analysis Review

General overview for 23/04/2015 08:05 CET

The supply zone had been finally violated, but the market was not able to break out higher and pulled back for now. Currently, the price is consolidating just above the weekly pivot at the level of 128.01. A downward breakout lower would mean more decline in wave b purple down to the level of 127.27. On the other hand, any breakout higher above the level of 128.95 will continue the wave c purple to the upside, which is targeting the level of 128.94 before any meaningful reversal.

Support/Resistance:

129.94 - WR1

128.95 - Intraday Resistance

128.57 - 128.77 - Supply Zone

128.11 - Intraday Support

128.01 - Weekly Pivot

127.27 - WS1

Trading recommendations:

Daytraders should consider to open:

- buy orders from current price levels with SL below the level of 128.11 and TP at the level of 128.95 with a possible upside extension.

- sell orders only if the level of 128.00 is clearly violated, with SL above the level of 128.27 and TP at the level of 127.27

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

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