General overview for 13/04/2015 09:50 CET
The impulsive wave progression to the downside has almost hit the projected target level in last wave (v) green, and now the market is bouncing up to make another corrective structure. The key level to the upside is the small supply zone between 128.56 - 128.77. However, even breaking above this zone doesn't mean the market is bullish, because the price will be still trading inside a bigger cycle-range zone. Please notice the bullish divergence supports the view for a corrective cycle to the upside.
Support/Resistance:
127.24 - Intraday Support
128.24 - Intraday Resistance
128.36 - Weekly Pivot
128.56 - 128.77 - Supply Zone
129.41 - WR1
Trading recommendations:
Daytraders should consider to open buy orders from the current market levels with SL below the level of 127.24 and TP1 at the level of 128.24 and TP2 at the level of 128.56.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for April 13, 2015 . Thanks for your support.
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