FX.co ★ Technical analysis of EUR/JPY for May 1, 2015

General overview for 01/05/2015 09:10 CET

Due to the extended moves to the upside and rather unconventional market behavior, the larger time frame count has been examined to make sure if the bottom for this market might be in place already. It looks like this scenario is quite valid, but still even if the low is in place at the level of 126.08, the recent wave development is still in favor or a rather corrective progression in wave C black of wave B blue instead of any new upward trend is beginning. Please notice that the wave C black current target is at the level of 135.45 but on a larger time frame it is possible for this wave to extend the gains up to the level of 136.67.

Support/Resistance:

135.45 - 135.66 - Projected Target Zone

134.50 - Intraday Support

135.00 - Intraday Resistance

Trading recommendations:

Daytraders and swingtraders should consider refraining from trading as the upward moves are extended and corrective cycle might start any time now. Nevertheless, aggressive scalpers might consider trading with the trend and buying the dips on this pair is the way to trade so far.