For Traders

Analytical Reviews

Wave analysis

01.06.201511:06 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 1, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 01/06/2015 10:50 CET

An upward corrective cycle had been re-labeled to incorporate a triple zig-zag corrective structure that topped the level of 136.40, just shy of 88%Fibo level. Currently, wave progression to the downside looks impulsive. It might develop in full five wave progression if the level of 134.98 is violated. From the upside, resistance is provided by a weekly pivot at the level of 135.53 and bullish/neutral zone around 136.07. Please notice that only a breakout below the level of 133.80 will be considered as the major confirmation of a local top and downside wave development opportunity.

Support/Resistance:

136.40 - Wave 2 High

136.07 - Bullish/Neutral Zone Level

135.53 - Weekly Pivot

135.34 - Technical Resistance

134.98 - Intraday Support

134.67 - WS1

133.80 - Bearish/Neutral Zone Level

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders from the current price levels with SL above the level of 136.40 and TP at the level of 134.98, with a possibility of an extension down to the level of 134.67 and below.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.