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Technical analysis of EUR/JPY for Febuary 25, 2015

General overview for 25/02/2015 13:00 CET


This market still trades inside the neutral zone and around the weekly pivot at the level of 1.2496. The consolidation takes a little longer than anticipated, but the bias is still bullish and the market should violate the upper golden channel line soon. Please, notice that currently the market is making wave b purple and this could take much more time than a usual corrective cycle.


Support/Resistance:


137.25 - 137.64 - Projected Target Zone


136.90 - WR1


135.58 - Intraday Resistance


135.21 - Weekly Pivot


134.43 - Intraday Support


134.21 - WS1


133.55 - Intraday Support


Trading recommendations:


The market is still trading inside the range zone, but daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64. Please, notice that the wave b purple might get more complex and time consuming, so it is safer to wait for an impulsive breakout above the level of 135.88 to trade it. Patience, please.


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