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

General overview for 23/07/2015 09:20 CET

The first indications of a possible impulsive upside rally occurred on the market. The recent wave five progression to the upside had been labeled as the leading diagonal wave i blue and now the market awaits three wave corrective cycle. To confirm this labeling, the market can not violate intraday support at the level of 134.86 and it should break out above the golden trendline when the corrective cycle is completed.

Support/Resistance:

134.86 - Intraday Support

135.04 - Weekly Pivot

135.34 - WR1

135.85 - Intraday Resistance

136.17 - WR2

136.77 - WR3

Trading recommendations:

Daytraders should consider opening buy orders from the levels closest to the intraday support with SL just below the level of 134.80 and TP at the level of 135.85.

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

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