FX.co ★ Technical analysis of EUR/JPY for April 27, 2015

General overview for 27/04/2015 08:30 CET

After hitting all the previous week's targets, including the 78%Fibo at the level of 130.10, the market stalled a little and declined to the level of 128.82 that will act as intraday support now. It is worth to mention that the decline from the level of 130.10 is in three waves. This is why there might be another rally up in the alternative labeling presented on the chart before the overall corrective cycle will be completed. Please notice that even a break out below the intraday support is still not bearish in this count as the key level is the weekly pivot support at the level of 127.87. Only a clear break out below this level will result in last swing low test.

Support/Resistance:

126.07 - Swing Low

126.33 - WS2

127.86 - WS1

128.82 - Intraday Support

128.97 - Weekly Pivot

130.10 - Intraday Resistance

130.51 - WR1

Trading recommendations:

Daytraders should consider to open sell orders only if the intraday support level is clearly broken, with entry at the level of 128.80, SL at the level of 129.10 and TP at the level of 1.2786 (3:1 R/R trade).