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Technical analysis of EUR/JPY for August 6, 2015

General overview for 06/08/2015 07:40 CET

The bottom of the wave (b) blue looks to be in place at the level of 134.98. Only a clear breakout below this level would invalidate this view. Currently, the market is trying to develop another wave up, wave (c) blue, to complete the corrective cycle. Please notice, that as long as market trades inside of aneutral range (between the level of 137.33 and 134.22) and below the level of 137.33, there is still a possibility of another wave XX brown to the upside and then reversal downside. Moreover, only an immediate breakout above the intraday resistance at the level of 136.42 opens the road towards the level of 137.33.

Support/Resistance:

137.33 - Swing High

136.96 - WR1

136.42 - Intraday Resistance

136.24 - Weekly Pivot

135.89 - Intraday Support (weak)

135.15 - WS1

134.98 - Intraday Support (strong)

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.42 is clearly violated, with SL below the level of 135.89 and TP at the level of 136.96 and 137.33.

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