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

General overview for 29/07/2015 09:20 CET:

The corrective cycle is getting more complex and time-consuming. Currently, the market is range bounded between the intraday support at the level of 136.41 and intraday resistance at the level of 137.09. The lower channel line is providing the dynamic support as well, but any breakout lower will result with immediate test of the weekly pivot at the level of 135.60.

Support/Resistance:

137.67 - WR2

137.10 - Intraday Resistance

136.86 - WR1

136.43 - Intraday Support

135.60 - Weekly Pivot

134.77 - WS1

Trading recommendations:

Daytraders should close buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63.