Technical analysis of EUR/JPY for May 19, 2015 Market Analysis Review

General overview for 19/05/2015 11:05 CET

As anticipated yesterday the top for wave B had been established at the level of 136.96 and now the market might have started an impulsive decline to the downside. To confirm this scenario, the price mustn't break above the key resistance level at 135.29 and head lower, to test the intraday support at the level of 133.45. Please notice that violation of this level means the market will be in the bearish zone and lower prices are expected.

Support/Resistance:

136.96 - Swing High

135.86 - Weekly Pivot

135.29 - intraday Resistance

134.87 - WS1

133.45 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell limit orders at the level of 135.29 with very tight SL (20-30 pips) in case the market heads to test this level. The TP orders should be left open then.

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

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