13.07.201513:18 Forex Analysis & Reviews: Technical analysis of EUR/JPY for July 13, 2015

Long-term review

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General overview for 13/07/2015 13:15 CET

After making five impulsive waves to the upside from a low of 133.26, the market is currently in a corrective cycle that might be a part of an internal wave -iv- (alternative count). To confirm the bearish cycle, the market must break out above the level of 138.09 and move higher into the weekly pivot resistance at the level of 138.50. Otherwise, the weekly pivot at the level of 135.91 will be tested soon and any breakout lower would lead to a test of intraday support at the level of 135.55.

Support/Resistance:

138.50 - WR1

138.09 - Technical Resistance

137.80 - Intraday Resistance

135.91 - Weekly Pivot

135.55 - Intraday Support

134.53 - WS1

Trading recommendations:

The buy orders advised last week should be closed now and daytraders should keep an eye on the intraday support at the level of 135.55.

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