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Technical analysis of EUR/JPY for June 5, 2015

General overview for 05/06/2015 08:30 CET

The bearish divergence confirmed the possible top at the level of 141.05 and corrective downward cycle development. The price is still trading inside the bullish zone between 138.41 and 141.03, but the lower area of this zone should be tested soon and is likly to be broken. Nevertheless, the bearish confirmation comes with a breakout of the level at 136.95.

Support/Resistance:

141.27 - WR3

141.05 - Swing High

140.71 - 61%Fibo

139.90 - Intraday Resistance

138.87 - Intraday Support

138.55 - WR2

137.95 - WR1

138.01 - 138.31 - Supply Breakthrough Zone

Trading recommendations:

As the impulsive cycle looks completed, the reversal might be in progress. This is why daytraders and even swingtraders might consider opening intraday scalps from current price levels with SL above the level of 140.34 and TP at the level of 138.87 with a possible extension downwards to the level of 138.31.

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