FX.co ★ Technical analysis of EUR/JPY for April 13, 2015

General overview for 13/04/2015 09:50 CET

The impulsive wave progression to the downside has almost hit the projected target level in last wave (v) green, and now the market is bouncing up to make another corrective structure. The key level to the upside is the small supply zone between 128.56 - 128.77. However, even breaking above this zone doesn't mean the market is bullish, because the price will be still trading inside a bigger cycle-range zone. Please notice the bullish divergence supports the view for a corrective cycle to the upside.

Support/Resistance:

127.24 - Intraday Support

128.24 - Intraday Resistance

128.36 - Weekly Pivot

128.56 - 128.77 - Supply Zone

129.41 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from the current market levels with SL below the level of 127.24 and TP1 at the level of 128.24 and TP2 at the level of 128.56.