Technical analysis of EUR/JPY for July 22, 2015 Market Analysis Review

General overview for 22/07/2015 08:05 CET

The weekly pivot at the level of 134.05 provided good support for the market to bounce higher, just as anticipated yesterday. The nature of this move is not clearly impulsive yet as it looks like a three-wave move upward so far. Nevertheless, if the intraday resistance at the level of 135.75 is violated before any fresh low is made, much higher levels should be expected.

Support/Resistance:

136.17 - WR2

135.75 - Intraday Resistance

135.34 - WR1

135.04 - Weekly Pivot

134.23 - WS1

Trading recommendations:

As long as the weekly pivot provides support, daytraders should consider opening buy orders with SL below the level of 135.00 and TP at the level of 136.17.

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

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