Technical analysis of EUR/JPY for August 3, 2015 Market Analysis Review

General overview for 03/08/2015 12:40 CET

The corrective cycle is getting more and more complex. That is why the count little changed after a wave c purple downside failure. The current count indicates a possible wave Y brown to the downside as the last sub-wave in the cycle. Any breakout below the level of 135.09 should result in an immediate test of the level of 135.51, but the market might fall even lower to test the weekly pivot support at the levels of 135.15 and 134.42.

Support/Resistance:

137.93 - Intraday Resistance

136.91 - WR1

136.24 - Weekly Pivot

135.90 - Intraday Support (weak)

135.53 - Intraday Support (strong)

135.15 - WS1

134.42 - WS2

Trading recommendations:

Daytraders should consider opening sell orders only in the level of 135.90 is violated in impulsive manner, with SL just above the level and TP at the level of 135.51.

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