13.05.201510:21 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 13, 2015

Long-term review

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General overview for 13/05/2015 10:10 CET

As anticipated yesterday, the level of 135.36 provided the resistance for the price and the market reversed after making a high at the level of 135.20. The current structure might be labeled as leading diagonal pattern. But there is still one wave to the downside missing to complete the structure and this is why the intraday bias might shift to bearish now. The weekly pivot at the level of 134.33 and the intraday support at the level of 134.30 are the key levels to the downside: if the market violate this levels, more downside wave progression is to come.

Support/Resistance:

135.36 - Intraday Resistance

134.34 - Weekly Pivot

134.30 - Intraday Support

133.47 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current market levels with SL above the level of 135.36 and TP at the level of 134.30 with a possible downward extension to the level of 134.47.

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