FX.co ★ Technical analysis of EUR/JPY for April 15, 2015

General overview for 15/04/2015 11:30 CET

The key level for all bulls is not at intraday support at 126.11 as any breakout lower is likely to invalidate the impulsive wave progression in wave -i- blue and another leg low will be made with a projected target at the level of 125.40. On the other hand, to continue with the upside, the price must break out above the corrective channel and the level of 127.05 and then head right into supply zone between the levels of 127.69 - 127.81. Lack of wave progression would mean the market might be heading a little lower before any meaningful bounce.

Support/Resistance:

125.40 - WS1

126.11 - Intraday Support|Invalidation Level| Key Level|

127.05 - Intraday Resistance

127.69 - 127.81 - Supply Zone

Trading recommendations:

Daytraders should consider opening buy orders from the current levels with SL below the level of 126.11 and TP at the level of 127.05 with a possible extension higher to the level of 127.69.