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Technical analysis of EUR/JPY for June 8, 2015

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

As anticipated last Friday, the market went down to develop another wave, labeled as wave c green on the chart. Currently, the market is testing the weekly pivot zone at the level of 138.71 and this level might be a target for the wave c green. The second target might be inside the supply breakthrough zone between the levels of 138.03 - 138.32. Please notice that the market is still trading inside of a bullish zone and any breakout higher would mean that labeling will be changed to alternative.

Support/Resistance:

141.05 - Swing High

139.83 - Intraday Resistance

138.88 - Intraday Support

138.71 - Weekly Pivot

138.03 - 138.32 - Supply Breakthrough Zone

136.95 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current price levels with SL above the level of 139.83 and TP at the level of 138.71.

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