28.07.201510:48 Forex Analysis & Reviews: Technical analysis of EUR/JPY for July 28, 2015

Long-term review

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General overview for 28/07/2015 10:40 CET

The market has broken through yesterday's resistance at the level of 136.41. This level will act as a support. The upward wave progression has not been completed yet and more gains at the market are expected. Please keep an eye on the intraday support at the level of 136.41 as any breakout lower would invalidate the impulsive wave development and weekly pivot at the level of 135.60 might be tested again.

Support/Resistance:

137.67 - WR2

137.10 - Intraday Resistance

136.86 - WR1

136.43 - Intraday Support

135.60 - Weekly Pivot

134.77 - WS1

Trading recommendations:

Daytraders should close the buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place the buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63.

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