Technical analysis of EUR/JPY for August 10, 2015 Market Analysis Review

General overview for 10/08/2015:

The corrective cycle for wave alt: XX brown might be completed if the first projected target zone between the levels of 136.80 and 137.02 is hit. Any signs of a intraday trend reversal inside the orange rectangle zone might support the view and the market will reverse in order to complete the last wave down - Z brown. Otherwise, the market will continue to develop the impulsive structure in the c purple wave (alt: wave iii blue) and new highs will be made above the level of 137.33.

Support/Resistance:

137.33 - Intraday Resistance

137.02 - WR1

136.80 - 137.02 - Potential Reversal Zone

136.00 - Weekly Pivot

135.54 - Intraday Support

135.29 - WS1

134.98 - WS2

Trading recommendations:

Daytraders should consider opening sell orders inside the potential reversal zone only if there are signs of a trend reversal ( andlestick formation, low-volume upmove etc.) with SL at the level of 137.35 and TP at the level of 134.54 with a possible downward extension.

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

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