Technical analysis of EUR/JPY for April 22, 2015

General overview for 22/04/2015 09:00 CET

The supply zone between the levels of 128.57 – 128.77 is being tested for the fourth time (orange circles) as the impulsive wave progression in wave a purple is done. Currently, the market might pull back a little to make the wave b purple and then try to rally to the upside in the last wave c purple of the wave (c) blue. Please notice that any breakout higher above the level of 1288.78 is bullish for the short term and the next projected target is at the level of 129.94.

Support/Resistance:

129.94 – WR1

128.57 – 128.77 – Supply Zone

128.20 – Intraday Support

128.01 – Weekly Pivot

127.27 – WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 122.78 is clearly violated, with SL below the level of 122.57 and TP at the level of 129.94.

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