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06.02.201516:05 Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 6, 2015

Long-term review

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General overview for 06/02/2015 14:50 CET

After the today's strong NFP data the pair is continuing its upward move. That is why the scenario has been slightly changed to incorporate new wave developments. Currently the corrective cycle has evolved to more complex cycle in the shape of a WXY brown. Another leg up is expected if the intraday resistance at the level of 135.33 is broken with two possible targets: the golden channel trend line around the level of 136.58 and the second target at the level of 137.63.

Support/Resistance:

137.63 - Secondary Target

136.58 - WR2|Primary Target|

135.33 - Intraday Resistance

134.59 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels with SL below the level of 134.06 and TP at the level of 136.58.

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