Technical analysis of EUR/JPY for August 4, 2015 Market Analysis Review

General overview for 04/08/2015 08:40 CET

The market behave as anticipated going to test the intraday support at the level of 135.53. Currently, the level of 135.90 is being tested from the downside and the black-dashed channel trendline is the most important dynamic resistance today. The downward wave progression does not looks completed and the projected target is still at the wave Y brown at the level of 135.15.

Support/Resistance:

136.91 - WR1

136.24 - Weekly Pivot

135.90 - Intraday Resistance

135.53 - Intraday Support (strong)

135.15 - WS1

134.42 - WS2

Trading recommendations:

Yesterdays, sell orders hit the TP level and it looks like the market might give traders one more opportunity to open the same sell orders again: sell entry is seen at the level of 135.90 with SL just above the level and TP at the level of 135.51.

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