FX.co ★ Technical analysis of EUR/JPY for Febuary 4, 2015

General overview for 04/02/2015 10:49 CET

The last impulsive wave up is in progress and the projected target is still at the level of 137.64. This target can be meet only if the intraday resistance at the level of 135.34 is violated in impulsive fashion. On the other hand, any downside extension below the level of 133.57 would mean that the top for the wave (c) blue is in place. Breakout below weekly pivot at the level of 132.37 supports the view.

Support/Resistance:

137.64 - Target Level

136.58 - WR2

135.34 - Intraday Resistance

134.59 - WR1

134.34 - Intraday Support

133.57 - Intraday Support

132.37 - Weekly Pivot

Trading recommendations:

The buy orders recommended yesterday were in profit for some time but the overall extension to the upside has not been as big as expected and the SL levels were hit eventually. Currently two levels are in play (135.34 to the upside and 133.57 to the downside). Traders should keep an eye on the price behavior at this levels and trade accordingly.