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    Technical analysis of EUR/JPY for Febuary 3, 2015

    General overview for 03/02/2015 09:20 CET

    The market is still moving inside the range between the levels of 132.38 - 134.33, and only an impulsive breakout above one of these levels would give more clues about further price development. Nevertheless, the bias is slightly bullish because the corrective wave progression does not look completed just yet and it is quite possible, that the wave (c) blue to the upside will be made sooner or later. The current corrective structure in wave (b) blue looks like a triangle pattern but it can change into even more complex and time-consuming cycle. Please watch the mentioned levels and trade accordingly.


    137.64 - Technical Resistance

    136.58 - WR2

    134.59 - WR1

    134.33 - Intraday Resistance

    132.37 - Intraday Support

    130.39 - WS1

    Trading recommendations:

    Because the market is still in the range zone, my recommendations are still the same as yesterday: daytraders should consider opening a buy stop orders from the level of 134.35 with SL below the level of 134.31 and TP at the level of 136.05 with a possible extension to the level of 137.64 later on.


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    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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