empty
 
 
08.05.2014 10:50 AM
Technical analysis of EUR/JPY for May 8, 2014

General overview for 08/05/2014 09:40 CET

The supply breakthrough zone has not been violated and this pair is still in corrective cycle. All three waves developing so far indicate one more wave to the downside before a downward sell-off should happen. Any breakdown above the invalidation line is bullish and higher levels are expected.

Support/Resistance:

140.26 - WS2

141.03 - WS1

140.97 - 141.06 - Supply Breakthrough Zone

141.12 - Intraday Support

141.74 - Weekly Pivot

142.13 - Intraday Resistance

142.39 - Invalidation Line

142.46 - Swing High

142.50 - WR1

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. SL should be placed above the level of 142.41.

This image is no longer relevant
Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback