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17.04.201510:25 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 17, 2015

Long-term review

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General overview for 17/04/2015 10:20 CET

After testing the channel line from the downside the market rebounded strongly to the upside. Currently, the up move has not been completed yet. The potential targets for the wave c purple are at the levels of 1.28.77 and 129.47. Only a strong breakout below the demand zone would invalidate the bullish scenario.

Support/Resistance:

127.68 - 127.86 - Demand Zone

128.35 - Weekly Pivot

128.58 - 128.77 - Supply Zone

129.47 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from the current levels and set the SL below the level of 127.68 and TP at the level of 128.77 with a possible extension upwards to the level of 129.47.

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