Technical analysis of EUR/JPY for June 17, 2015 Market Analysis Review

General overview for 17/06/2015 08:30 CET

As anticipated yesterday the reversal zone provided the resistance and the price reversed to the downside to make wave a purple. Currently, the supply breakthrough zone between the levels of 137.98 and 138.30 is still the most important support zone. When this support is violated, the next one is technical support at the level of 136.95. On the other hand, only a sustained breakout above the level of 140.01 would invalidate this view.

Support/Resistance:

141.05 - Swing High

139.89 - 140.00 - Reversal Zone

139.70 - WR1

138.82 - Weekly Pivot

137.98 - 138.30 - Supply Breakthrough Zone

138.16 - Intraday Support

136.95 - Technical Support

Trading recommendations:

Daytraders should consider opening another sell orders from current price levels with SL above the level of 140.01 and TP at the level of 138.00 with possible extension downwards to the level of 136.95.

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

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