FX.co ★ Technical analysis of EUR/JPY for Febuary 9, 2015

General overview for 09/02/2015 10:50 CET

The corrective cycle in the wave 4 looks more complex than a simple corrective cycle but the overall bias still remains bearish. To continue to the downside, the price must break out of the golden corrective trend channel and violate the level of 132.32 in impulsive way. Otherwise, the corrective cycle might still continue to extend higher towards the level of 137.64. However, this move is possible only if the intraday resistance at the level of 135.36 is broken.

Support/Resistance:

136.74 - Key Resistance

137.27 - WR2

136.15 - WR1

135.36 - Intraday Resistance

134.22 - Weekly Pivot

134.03 - Intrday Support

133.11 - WS1

132.32 - Key Level To The Downside

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 135.36 and open TP level for now.