FX.co ★ Technical analysis of EUR/JPY for May 5, 2015

General overview for 05/05/2015 08:50 CET

As anticipated yesterday, after breaking the intraday support at the level of 133.69 the market is going to test the weekly pivot point at the level of 133.34. The decline is likely to continue lower to test the today's intraday support at the level of 132.55. Any breakout lower would prove the indication that the top for the wave B is in place and test of the level of 131.27 is due.

Support/Resistance:

135.26 - Swing High

133.69 - Intraday Resistance

133.32 - Weekly Pivot

132.55 - Intraday Support

131.43 - WS1

131.27 - Technical Support

Trading recommendations:

As long as the level of 135.26 is not violated, daytraders and swingtraders should consider opening sell orders from the current price levels with SL above the level of 134.83 and TP at the level of 132.89 with a possible extension downside to the level of 131.27 later this week.