16.02.201513:50 Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 16, 2015

General overview for 16/02/2015 12:30 CET

The market is still trading inside the range zone between the levels of 134.71 - 135.67. The wave development looks uncompleted and there is still a room for one more wave to the upside. This scenario is possible only if the level of 136.67 is violated and the projected target is at the level of 137.64. On the other hand, any breakout below the level of 134.71 is bearish and the level of 133.69 might be tested next.

Support/Resistance:

138.19 - WR2

137.64 - Technical Resistance

136.72 - WR1

136.64 - Intraday Resistance

135.20 - Weekly Pivot

134.71 - Intraday Support

133.69 - WS1

Trading recommendations:

Because the market is moving sideways, the recommendations has not changed; and there are still the same two scenarios to trade:

Any breakout above the green trend line and further above the level of 136.67 is bullish and daytraders should consider placing buy orders only. Please set the SL rather tight (20-30 pips) and TP ant the level of 137.64.

Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.