FX.co ★ Technical analysis of EUR/JPY for July 7, 2015

General overview for 07/07/2015 10:50 CET

The downside wave progression might accelerate if the intraday support at the level of 134.55 gets broken. The next support is seen at the level of 133.75 and in higher time frames, the very important daily support is expected at the level of 133.05. Any breakout below this level is a near-term bearish sign. From the Elliott wave point of view, this king of wave development would be a big wave C as the last wave in the corrective structure of big wave 2.

Support/Resistance:

133.05 - Technical Support|Key Level|

133.75 - Wave Y Low

134.55 - Intraday Support

134.98 - Weekly Pivot

Trading recommendations:

Daytraders should consider openning sell orders if the level of 134.55 is violated, with a tight SL (20-30 pips) and TP at the level of 133.75 with a possible extension downwards to the level of 133.05.