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    Technical analysis of EUR/JPY for May 11, 2015

    General outlook for 11/05/2015 09:30 CET

    The current impulsive structure that had been developing since the top of the wave B at the level of 135.97 is so far in three waves and there is a high probability that the leading diagonal pattern if forming now. The price can not go higher than intraday resistance at the level of 135.36 to continue making this pattern, because if it does, the leading diagonal will be invalidated. So, the equally legs of the ABCD pattern labeled in blue had produced a small bounce from the intraday support at the level of 133.47. It might continue higher in no new low is made. Please notice that the technical support at the level of 133.09 is the key level for bulls as any break out lower means trading in a bearish zone.

    Support/Resistance:

    131.47 - WS2

    132.73 - WS1

    133.09 - Technical Support|Key Level|

    133.47 - Intraday Support

    134.33 - Weekly Pivot

    135.36 - Intraday Resistance

    135.56 - WR1

    135.97 - Swing High

    Trading recommendations:

    As long as the market is below the weekly pivot and dynamic golden trend line resistance the daytraders should consider to open sell orders with SL above the level of 135.00 and TP at the level of 133.09 with a possible extension downward.

    eurjpy_h1.jpg

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    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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