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Technical analysis of EUR/JPY for June 22, 2015

General overview for 22/06/2015 6:30 CET

The price is still trading inside of the neutral zone between the levels of 137.99 and 140.65 as the complex corrective cycle is unfolding. Any breakout above the intraday resistance at the level of 140.65 will be considered bullish and the main count will be invalidated. On the other hand, to continue with the current main count, the market must break below the intraday support at the level of 138.93 and head into the supply breakthrough zone agaim.

Support/Resistance:

141.05 - Swing High

140.00 - WR1

140.65 - Intraday Resistance

139.57 - Weekly Pivot

138.93 - Intraday Support

138.50 - WS1

137.98 - 138.28 - Supply Breakthrough Zone

Trading recommendations:

Daytraders should consider opening sell orders from current levels with SL above the level of 140.66 and TP at the level of 138.93 with a possible extension upwards to the level of 138.00 later in the day.

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