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

General overview for 20/08/2015 09:20 CET

The corrective wave W brown has been completed in three waves. So far there is no downside continuation for now as the market has broken out above the yesterday's resistance. Nevertheless, the three up waves, labeled as abc purple, might indicate a possible corrective wave X brown is about to be completed and then the downward corrective cycle in wave Y brown will continue. The key level for today is intraday resistance at the level of 138.39, because any breakout above this level will lead to immediate test of the recent high at the level of 138.82.

Support/Resistance:

138.82 - Swing High

138.39 - Intraday Resistance

137.78 - Weekly Pivot

137.60 - Intraday Support (weak)

137.06 - Intraday Support (strong)

Trading recommendations:

Daytraders should consider opening sell orders from the level of 138.39 with tight SL (10-15 pips) and TP at the level of 137.60.

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

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