FX.co ★ Technical analysis of EUR/JPY for June 23, 2015

General overview for 23/06/2015 13:30 CET

After making a very irregular triangle in wave X black, the market is developing last wave labeled as wave Y black to the downside. The usual important support is at the level of 137.98 and the most important area is the supply breakthrough zone between the levels of 137.98 and 138.27. If this zone is violated in impulsive fashion, the next support will be found at the level of 137.07, but the bias is still bearish for the rest of the week.

Support/Resistance:

136.95 - Technical Support

137.07 - WS2

137.98 - 138.28 - Supply Breakthrough Zone

138.50 - WS1

138.91 - Intraday Resistance

Trading recommendations:

Sell orders that we advised yesterday should be kept open as the price is approaching important levels. Please keep an eye on the price behavior inside the grey rectangle area, as any breakout lower will be considered bearish.