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    Technical analysis of EUR/JPY for July 15, 2015

    General overview for 15/07/2015 09:10 CET:

    The corrective cycle is evolved into a more complex and time-consuming pattern. There are two important levels to watch. The first one is intraday resistance at the level of 136.41 and the second level is intraday support at 135.09. Any breakout below the intraday support will invalidate the alternative impulsive count and make the top for wave a established at the level of 137.78.

    Support/Resistance:

    138.50 - WR1

    138.10 - Technical Resistance

    137.78 - Intraday Resistance (strong)

    136.41 - Intraday Resistance (weak)

    135.92 - Weekly Pivot

    135.10 - Intraday Support

    134.54 - WS1

    Trading recommendations:

    As the daily volatility is now limited, daytraders still should consider opening sell orders for intraday scalp only if the level of 135.08 is clearly violated (hourly candle close below this level), with SL just above the level of 1.35.10 and TP at the level of 134.54.

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