FX.co ★ Technical analysis of EUR/JPY for Febuary 19, 2015

General overview for 19/02/2015 10:15 CET

The weekly pivot has been tested and violated a little, but the market decided to bounce and reverse to the upside so far. This downside wave progression had been labeled as wave (b) blue, so now there is only one more wave to the upside left, wave (c) blue, to complete the overall corrective cycle in wave 4 black. When the correction is completed, market should reverse to the downside and make another lower low.

Support/Resistance:

137.74 - Technical Resistance 

136.71 - WR1 

136.21 - Intraday Resistance 

135.07 - Intraday Support 

135.20 - Weekly Pivot 

Trading recommendations: 

Daytraders should keep the buy orders from yesterday with TP at the level of 136.71 with possible extension upward to the level of 137.64.