empty
 
 
06.06.2014 10:43 AM
Technical analysis of EUR/JPY for June 6, 2014

General overview for 06/06/2014 09:30 CET

The current wave development has two possible wave progressions indicated on the chart and the difference between them is in placement of wave (c) blue bottom. The first possibility places the bottom at the level of 139.35 and the whole correction would be running flat shape. The second possibility places the bottom at the level of 138.63 and the whole correction would be a regular flat shape. Please notice that any breakout higher means the bottom for wave B black is in place and the main count is invalidated.

Support/Resistance:

140.11 - WR2

139.86 - 139.97 - Technical Resistance ZOne

139.70 - Intraday Resistance

139.50 - WR1

139.35 - Wave (c) Target

138.73 - Weekly Pivot

138.62 - Intraday Support

Trading recommendations:

Because the Elliott Wave labeling has two possible counts on the chart, it is advised to wait for a clear breakout either above the level of 140.00 to go long, or below the level of 139.35 to go long as well (with a very tight stop loss in case the market would try to make more deeper correction).

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