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    Technical analysis of EUR/JPY for May 26, 2015

    General overview for 26/05/2015 08:30 CET

    The count had been slightly changed to incorporate more bearish view on this pair as the wave 3 blue might be unfolding in full five wave cycle labeled as waves (i) and (ii) green on the chart. The invalidation of this count comes with violation of the level of 135.30 . There is key technical resistance at the level of 133.92 that might put a lid on any market rally and it is a good reversal level. Please notice that the market must break below the level of 133.09 to confirm the top is in place.

    Support/Resistance:

    133.09 - Technical Support|Key Level|

    133.48 - Intraday Resistance

    133.92 - Technical Resistance

    134.29 - Weekly Pivot

    Trading recommendations:

    Daytraders should still consider opening sell orders as close to the level of 133.92 as possible with a very tight SL ( 20-30 pips) and set TP orders at the level of 133.09 with a possible extension downward to the level of 131.60.

     

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    Uitgevoerd door, Analytische expert
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