Technical analysis of EUR/JPY for June 29, 2015

General overview for 29/06/2015 10:00 CET

As anticipated last week, the wave progression to the downside has finally started with a gap down on the back of Greek news. However, any move above the level of 137.63 will invalidate the main green impulsive count and the alternate labeling will be in charge then. It would mean a low of wave Y black would be in place at the level of 133.75 and the market might start another cycle upward.

Support/Resistance:

133.75 – Swing Low

134.46 – Intraday Support

136.13 – Weekly Pivot

136.38 – Intraday Resistance

136.95 – Technical Resistance

137.62 – Invalidation Level

138.03 – WR1

Trading recommendations:

Daytraders should had closed their sell orders already as the TP levels from last week were all hit and even extended to the downside, but if orders are still open, the SL should be lowered to the level of 136.38.

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

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