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    EUR/JPY Prepares For A Pullback Rally Towards 99.00-100.00

    General overview for 18/05/2015 12:35 CET

    The last five waves to the upside seem to be completed and market should reverse to the downside to continue to develop the wave C. The first confirmation of this scenario comes with a breakout of the level of 135.66 and the weekly pivot breakout to the downside. Then, the market should test the golden trend line, violate it and head into the first weekly support at the level of 134.87. Please notice that the bearish divergence is supporting the view.


    136.96 - Swing High

    136.55 - Intraday Resistance

    135.86 - Weekly Pivot

    135.66 - Intraday Support

    134.87 - WS1

    Trading recommendations:

    As long as the market is trading below the level of 136.55 daytraders should consider opening sell orders from current market levels with SL above the level of 136.56 and TP at the level of 135.66.


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    Uitgevoerd door, Analytische expert
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