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08.05.201508:17 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 8, 2015

Long-term review

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General overview for 08/05/2015 08:10 CET

As mentioned yesterday, the wave five upward price progression has been completed. Now, the market is ready to continue the decline lower. The first clue comes with a wave five decline from the top of 135.97 for the wave B and now, as long as the intraday resistance at the level of 135.17 is not violated, the key downside continuation level is intraday support at the level of 134.16. A break out lower would mean that the weekly pivot might get tested and even violated.

Support/Resistance:

139.97 - Swing High

135.17 - Intraday Resistance

134.16 - Intraday Support

133.34 - Weekly Pivot

Trading recommendations:

The sell orders from yesterday should be still kept open and any break out below the level of 134.16 provides another selling opportunity with TP at the level of 133.34.

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