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    Technical analysis of EUR/JPY for July 30, 2015

    General overview for 30/07/2015 08:30 CET

    The corrective structure is getting more complex and time-consuming. After breaking the lower channel line, the market heads towards lower levels to test the weekly pivot point at 135.60. Please notice that this kind of a range-bounded price action might last some time until the level of 138.12 or 133.26 is violated. Trading conditions might get choppy and full of whipsaws.

    Support/Resistance:

    137.67 - WR2

    136.86 - WR1

    136.33 - Intraday Resistance

    135.60 - Weekly Pivot

    134.77 - WS1

    Trading recommendations:

    Daytrading levels:

    - for bulls: the best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63

    - for bears: open sell orders at current market levels with SL above the level of 136.32 and TP at the level of 135.60

    eurjpy_h1.jpg

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