Technical analysis of EUR/JPY for July 24, 2015 Market Analysis Review

General overview for 24/07/2015 09:30 CET

The leading diagonal count had been slightly changed with the last wave -v- blue top moved to the level of 136.43 ( intraday resistance). Currently, the market is in a corrective cycle and first support is seen at the level of 135.34, right at the lower blue trendline. Only a sustained breakout below the intraday support at the level of 134.86 would invalidate the bullish scenario.

Support/Resistance:

134.86 - Intraday Support (strong)

135.04 - Weekly Pivot

135.34 - WR1

135.85 - Intraday Support (weak)

136.17 - WR2

136.43 - Intraday Resistance

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 136.43.

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