Technical analysis of EUR/JPY for July 31, 2015

General overview for 31/07/2015 09:35 CET

The count has been little changed due to expanding corrective cycle in wave c green of wave (c) blue. The outlook is still mid-bearish as the downward wave progression hasn’t been completed yet and if the intraday support at the level of 135.53 is violated, next supports are expected at the levels of 135.11 and 134.77.

Support/Resistance:

137.10 – Intraday Resistance (strong)

136.86 – WR1

136.10 – Intraday Resistance (weak)

135.60 – Weekly Pivot

135.53 – Intraday Support

134.77 – WS1

Trading recommendations:

Daytraders should consider opening sell orders from the level of 135.51 with tight SL (15-20 pips) and TP at the level of 135.11 and 134.77.

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

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