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07.05.2014 10:15 AM
Technical analysis of EUR/JPY for May 7, 2014

General overview for 07/05/2014 09:00 CET

There is a slight chance that the alternate count of abc green is the correct one if the price will break out above the golden trendline. Otherwise the main count is in play and it indicates a clear impulsive wave development to the downside. The key level to confirm the bearish bias is the supply breakthrough zone between the levels of 140.97 and 141.06.

Support/Resistance:

140.26 - WS2

141.03 - WS1

140.97 - 141.06 - Supply Breakthrough Zone

141.12 - Intraday Support

141.35 - Intraday Resistance

141.74 - Weekly Pivot

Trading recommendations:

All sell orders that has been advised to open from higher levels should be still kept open as there is more downside to come if the count is correct. Next middle week target is at the level of 140.26.

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