FX.co ★ Technical analysis of EUR/JPY for Febuary 2, 2015

General overview for 02/02/2015 09:55 CET

The market still traders inside the range between the levels of 132.27 - 134.33, but it is quite possible that the corrective cycle wave (b) blue has been completed. To confirm this point of view, the price must break out higher above the level of 134.55 in impulsive fashion and head higher towards the golden trend line resistance and later towards the level of 137.64. On the other hand, a lack of such progression might lead to another corrective sub-wave inside the wave (b) blue, that might turn out to be a triangle pattern or any other, more complex corrective structure.

Support/Resistance:

137.64 - Technical Resistance

136.58 - WR2

134.59 - WR1

134.33 - Intraday Resistance

132.37 - Intraday Support

130.39 - WS1

Trading recommendations:

Daytraders should consider opening a buy stop orders from the level of 134.35 with SL below the level of 134.31 and TP at the level of 136.05 with a possible extension to the level of 137.64 later on.