21.08.201511:48 Forex Analysis & Reviews: Technical analysis of EUR/JPY for August 21, 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 21/08/2015 11:40 CET

The double zig-zag pattern in wave X brown looks completed, but the market might still try to test the intraday resistance at the level of 138.84 one more time. Any breakout higher above this level invalidates the count and makes the weekly pivot resistance at the level of 139.45 the first target for the up wave. On the other hand, a clear breakout below the intraday support at the level of 138.12 supports the bearish outlook.

Support/Resistance:

138.84 - Swing High | Intraday Resistance|

138.12 - Intraday Support

137.78 - Weekly Pivot

137.06 - Intraday Support (strong)

Trading recommendations:

The sell orders from yesterday have not been profitable and the small loss of 10-15 pips has been accounted. Nevertheless, daytraders should still consider opening a sell orders from the level of 138.84 with tight SL (10-15 pips) and TP at the level of 138.12. Any clear impulsive breakout higher above the level of 138.84 with hourly candle close above that level is bullish and all shorts should be closed immediately!

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.