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Technical analysis of EUR/JPY for Febuary 11, 2015

General overview for 11/02/2014 08:30 CET


The important resistance level has been violated yesterday and the alternate impulsive scenario has been invalidated. The market is consolidating just under the intraday resistance at the level of 135.46 and it looks like this level will be broken sooner or later to test the weekly pivot levels. Moreover, the projected resistance is at the level of 137.63 and it corresponds to the upper boundary of the golden channel. This level might be a very likely zone for a potential reversal and downtrend continuation.


Support/Resistance:


137.63 - Technical Resistance


137.27 - WR2


136.15 - WR1


135.46 - Intraday Resistance


134.21 - Weekly Pivot


Trading recommendations:


Sell order from yesterday hit the SL, so currently only buy orders should be opened if the level of 135.46 is violated. TP ais t the level of 137.63, SL is below the level of 134.55.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com