Technical analysis of EUR/JPY for May 9, 2016
May 9, 2016 8:40 amVideo
Latest News
- Video market update for April 30, 2024 April 30, 2024
- Analysis of the EUR/USD pair on April 30, 2024 April 30, 2024
- Analysis of the GBP/USD pair on April 30th. Last chance for the dollar April 30, 2024
- GBP/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- EUR/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- GBP/USD: trading plan for the US session on April 30th (analysis of morning deals). The pound is kept within the side channel April 30, 2024
- Could Monday’s intervention turn the tide for the yen? – Special Report April 30, 2024
- EUR/USD: trading plan for the US session on April 30th (analysis of morning deals). The euro is trying to end the month on April 30, 2024
- Trading Signals for Bitcoin (BTC/USD) for April 30 – May 7, 2024: sell below $62,500 (21 SMA – 4/8 Murray) April 30, 2024
- Trading Signals for Ethereum (ETH/USD) for April 30 – May 7, 2024: sell below $3,177 (21 SMA – 1/8 Murray) April 30, 2024
- Technical Analysis – Is US 100 setting course for new record highs? April 30, 2024
- EUR/USD. April 30th. Sellers await weak inflation data in the EU April 30, 2024
- GBP/USD. April 30th. Bulls continue to attack, but American reports could help the bears April 30, 2024
- Besides yen pairs, neutral volatility across the board ahead of Fed and NFP – Volatility Watch April 30, 2024
- Market Comment – Dollar rebounds, yen off highs after suspected intervention April 30, 2024
- Technical Analysis – Will AUDUSD exit the range again? April 30, 2024
- Technical Analysis – EURJPY seeks calmness after roller coaster day April 30, 2024
- Forex forecast 04/30/2024: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 30, 2024
- USD/JPY: trading tips for beginners for European session on April 30 April 30, 2024
- GBP/USD: trading tips for beginners for European session on April 30 April 30, 2024
General overview for 09/05/2016:
The most appropriate pattern in current wave (c) blue that can be recognized now is an expansion of the ending diagonal termination structure. This means the market will likely make one more low below the intraday support at the level of 121.47 in order to complete the wave (c). The projected target might even extend to the level of 120.33 before any meaningful reversal occurs. The fact that the market is still trading inside of the bearish zone supports this view.
Support/Resistance:
120.33 – WS2
121.20 – WS1
121.47 – Intraday Support
122.36 – Weekly Pivot
123.23 – WR1
123.53 – Intraday Resistance
124.37 – WR2
125.25 – WR3
Trading recommendations:
Day traders should consider opening sell orders from the current market levels with a tight SL (10-15 pips) and TP open for now (might extend to around 120.33).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: