Technical analysis of EUR/JPY for May 15, 2015 Market Analysis Review

General overview for 15/05/2015 08:50 CET

As anticipated yesterday, the market made a high at the level of 136.41 and then reversed sharply down to the intraday support at the level of 135.29. More downside is expected for this market as long as no new highs are made. The market should break below the level of 135.29 and head lower to test the golden trend-line dynamic support. On the other hand, only a sustained breakout above the local high at the level of 136.41 will be considered bullish and the target for bulls would be at the level of 137.22.

Support/Resistance:

137.22 - WR2

136.41 - Swing High

135.59 - WR1

135.29 - Intraday Support

134.34 - Weekly Pivot

Trading recommendations:

As long as the market trades below the level of 136.41 daytraders would consider opening sell positions only with SL above the level of 136.42 and TP at the level of 135.29. Nevertheless, any break out higher above the level of 136.41 is bullish and daytraders should consider opening buy positions from the level of 136.45, with tight SL (20-30 pips) and TP at the level of 137.22.

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

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