Technical analysis of EUR/JPY for April 28, 2015 Market Analysis Review

General overview for 28/04/2015 06:10 CET

The market is still trading inside a trading range between the levels of 130.11 and 128.82. Only a clear breakout in either direction would give traders more clues about a possible further price movements. So, the price is making any impulsive sub-waves neither to the upside nor to the downside as the price actions are very overlapping and full of whipsaws. We are waiting for a clear breakout to clear the situation.

Support/Resistance:

126.07 - Swing Low

126.33 - WS2

127.86 - WS1

128.82 - Intraday Support

128.97 - Weekly Pivot

130.10 - Intraday Resistance

130.51 - WR1

Trading recommendations:

Daytraders still should consider to open sell orders only if the intraday support level is clearly broken, with entry at the level of 128.80, SL at the level of 129.10 and TP at the level of 1.2786 (3:1 R/R trade).

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

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