FX.co ★ Technical analysis of EUR/JPY for April 29, 2015

General overview for 29/04/2015 11:20 CET

The corrective cycle is about to hit the major resistance level and it might be the end of the wave B black of the overall bigger degree corrective cycle in larger time frame. It means that another leg down, labeled in terms of a larger degree cycle, is about to start. The first clue would be an impulsive breakout below the key level at 130.10 and then 128.82. If those level are not violated, the market will continue higher and the overall corrective cycle will get even more complex and time consuming.

Support/Resistance:

131.72 - Technical Resistance

131.64 - WR2

130.51 - WR1

130.66 - Intraday Support

130.10 - Intraday Support

128.97 - Weekly Pivot

128.82 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders at the level of 131.64, with SL below the level of 132.81 and TP at the level of min. 130.66.