FX.co ★ Technical analysis of EUR/JPY for May 12, 2015

General overview for 12/05/2015 07:40 CET

As anticipated yesterday, the market went up to test the golden trend line. Now, it is trading at the key intraday level. Any breakout higher would directly expose the intraday resistance at the level of 135.36 and the leading diagonal idea will be invalidated if this level is broken. On the other hand, if the golden trend line provides enough resistance, the price should reverse at the current level, head below the first intraday support at the level of 134.23, and then even lower, down to the level of 133.47. The near-term bias is still bearish and only a sustained breakout above the intraday resistance would be a bias change for this market.

Support/Resistance:

131.47 - WS2

132.73 - WS1

133.09 - Technical Support|Key Level|

133.47 - Intraday Support

134.23 - Intraday Support

134.33 - Weekly Pivot

135.36 - Intraday Resistance

135.56 - WR1

135.97 - Swing High

Trading recommendations:

As long as the market is below the dynamic golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 135.00 and TP at the level of 133.09 with a possible extension downward.