Technical analysis of EUR/JPY for July 20, 2015 Market Analysis Review

General overview for 20/07/2015 11:50 CET

The three wave down decline wedge is now a part of wave b green corrective cycle that looks completed now. Nevertheless, any breakout below the intraday support at the level of 134.36 would extend a downfall towards the wave A blue support at the level of 133.28. On the other hand, a breakout above the weekly pivot at the level of 135.04 is a bullish one.

Support/Resistance:

135.77 - WR3

136.17 - WR2

135.34 - WR1

135.04 - Weekly Pivot

134.94 - Intraday Resistance

134.36 - Intraday Support

134.23 - WS1

133.89 - WS2

133.28 - Swing Low

133.09 - WS3

Trading recommendations:

Buying on dips is a way to trade on this market and daytraders should consider opening sell orders only if the level of 134.36 is clearly violated ( hourly candle close below this level).

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

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