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

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The material has been provided by InstaForex Company – www.instaforex.com

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