Technical analysis of EUR/JPY for July 2, 2015 Market Analysis Review

General overview for 02/07/2015 05:10 CET

As anticipated yesterday, the market is still moving inside of a tight range of a triangle formation between the levels of 135.68 and 137.51. It will be doing so as long as the pattern is completed. The short-term bias is slightly bullish due to unfinished wave progression to the upside, but any breakout below the level of 135.68 will be considered bearish with a possible test of the wave A blue low.

Support/Resistance:

133.75 - Swing Low

135.68 - Invalidation Level | Intraday Support |

136.13 - Weekly Pivot

137.52 - Intraday Resistance (weak)

138.04 - WR1

138.09 - Intraday Resistance (strong)

Trading recommendations:

The market is still framed between two intraday levels and it is better to wait for a breakout in either direction.

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 July 2, 2015 . Thanks for your support.