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    Technical analysis of EUR/JPY for July 16, 2015

    General overview for 16/07/2015 08:45 CET

    A corrective cycle in wave a green has topped the level of 137.78 and now the wave b green cycle is in progress. The upward cycle in wave c green is still missing, but as long as the golden trendline is not violated, the market might deteriorate even lower before a bounce/reversal to the upside will happen. The key level is the intraday support at 135.06. If it gets broken, the first support will be seen at 134.54.

    Support/Resistance:

    133.26 - Swing Low

    134.54 - WS1

    135.06 - Intraday Support

    135.92 - Weekly Pivot

    136.41 - Intraday Resistance

    Trading recommendations:

    As the daily volatility is now limited, daytraders still should consider opening sell orders for intraday scalp only if the level of 135.06 is clearly violated (hourly candle close below this level), with SL just above the level of 135.10 and TP at the level of 134.54.

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