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11.07.2014 11:14 AM
Technical analysis of EUR/JPY for July 11, 2014

General overview for 11/07/2014 10:05 CET

The impulsive wave progression to the downside is developing as anticipated and the alternative count has been invalidated. Currently, the market is in wave 4 corrective cycle. One more wave to the downside is missing, so lower prices should be expected when the correction is completed. Please, notice the invalidation level for the purple impulsive bearish count is at the level of 138.42 and any violation of this level would mean that the corrective cycle in wave 2 black is still in progress.

Support/Resistance:

139.88 - WR2

139.32 - WR1

138.73 - Weekly Pivot

138.14 - WS1

138.10 - Intraday Resistance

137.69 - Technical Support

137.54 - WS2

137.48 - Intraday Support

136.99 - WS3

Trading recommendations:

Swing traders with active sell orders opened last week should still keep them open due to the lower price levels expectations.

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Summary
Urgency
Analytic
Sebastian Seliga
Start trade
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