FX.co ★ Technical analysis of EUR/JPY for April 20, 2015

General overview for 20/04/2015 09:45 CET

The corrective cycle in wave (b) blue doesn't look completed yet as the market is in conciliation mode now. The key level is the supply zone between 128.56 - 128.79 and any break out higher is bullish with a target at the level of 129.94. On the other hand, any break out lower is going to be indicating more complex wave (b) blue and might even reach the level of 126.74 before any meaningful rebound happens. Please notice the market is moving inside of the channel and break out might happen any time soon.

Support/Resistance:

126.07 - Swing Low

126.74 - Projected Target Level

127.27 - WS1

127.67 - 127.83 - Demand Zone

128.81 - Weekly Pivot

128.56 - 128.79 - Supply Zone|Key Level|

129.94 - WR1

Trading recommendations:

Daytraders should consider opening orders in the direction of the break out:

- sell orders from the level of 127.67 with SL above the level of 128.01 and TP at the level of 126.74

- buy orders from the level of 128.80 with SL below the level of 128.56 and TP at the level of 129.94