01.07.201509:11 Forex Analysis & Reviews: Technical analysis of EUR/JPY for July 1, 2015

General overview for 01/07/2015 09:05 CET

The bullish impulsive count hasn't been invalidated yet, but the price came rather close to our invalidation line at the level of 135.68. The current price action looks more like a corrective structure in a shape of a triangle and this is how it is labeled now. Moreover, two more sub-waves of the triangle pattern are missed, so it might take them some time to be completed. Please notice that any breakout below the intraday support at the level of 135.68 will invalidate the bullish impulsive count and the next support is seen at a swing low of 133.75 that might be broken as well.

Support/Resistance:

133.75 - Swing Low

135.68 - Invalidation Level | Intraday Support |

136.13 - Weekly Pivot

137.52 - Intraday Resistance (weak)

138.04 - WR1

138.09 - Intraday Resistance (strong)

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 135.68 is clearly violated in impulsive fashion. Otherwise the market is range bound between two intraday levels and it is better to wait for a breakout in either direction.