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Wave analysis

24.02.201510:15 Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 24, 2015

Long-term review

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General overview for 24/02/2015 09:05 CET

The pair is still trading inside the range zone between the levels of 133.55 - 135.88 and it looks like the wave b purple might have been completed. This means the market should try to break out above the intraday resistance at the level of 135.88 in impulsive fashion and head towards the projected target zone (orange rectangle). Only a sustained breakout below the intraday support at the level of 133.55 would invalidate this view.

Support/Resistance:

137.25 - 137.64 - Projected Target Zone

136.90 - WR1

135.88 - Intraday Resistance

135.21 - Weekly Pivot

134.43 - Intraday Support

134.21 - WS1

133.55 - Intraday Support

Trading recommendations:

The yesterday's advise is still valid: daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64. Please, notice that the wave b purple might get more complex and time consuming, so it is safer to wait for an impulsive breakout above the level of 135.88 to trade it.

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