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    Technical analysis of EUR/JPY for July 9, 2015

    General overview for 09/07/2015 08:05 CET

    The last wave of the overall corrective wave development to the downside was made in the shape of an ending diagonal triangle. It was labeled as wave Z black of wave A blue. If this count is correct, upward wave progression should start to complete the wave B blue of a higher degree. The first hurdle is the intraday resistance at the level of 135.42, the next one is wave b purple top at 136.05. Only if the market moves above this level, a low for the wave A blue will be confirmed. Any violation of intraday support at 134.57 will suggest the lows might be tested/broken again.

    Support/Resistance:

    133.26 - Swing Low

    134.57 - Intraday Support

    134.97 - Weekly Pivot

    135.42 - Intraday Resistance

    136.05 - Wave b Purple Top

    136.25 - WR1

    Trading recommendations:

    Daytraders and swingtraders should consider opening buy orders only if the level of 135.43 is violated, with SL below the level of 134.57 and TP at the level of 136.05.

    eurjpy_h1.jpg

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