FX.co ★ Technical analysis of EUR/JPY for Febuary 13, 2015

General overview for 13/02/2015 07:30 CET

According to this Elliott wave count, the current wave progression is a triangle wave -iv- black and only one more wave to the upside has left to complete the corrective wave Y brown. The projected target is at the level of 137.64. When it is hit, the market should reverse and start now an impulsive wave downside. On the other hand, this view is invalidated if the level of intraday support at the level of 134.71 is violated before a new high is made.

Support/Resistance:

137.64 - Technical Resistance| Wave 4 Projected Target|

137.27 - WR2

136.68 - Intraday Resistance

134.71 - Intraday Support

134.21 - Weekly Pivot

133.11 - WS1

Trading recommendations:

Here are two scenarios for daytraders:

Any breakout above the green trend line and further above the level of 136.67 is bullish and daytraders should consider buy orders only. Please set the SL rather tight (20-30 pips) and TP ant the level of 137.64.

Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.