empty
 
 
16.07.2014 11:50 AM
Technical analysis of EUR/JPY for July 16, 2014

General overview for 16/07/2014 10:40 CET

The corrective cycle in purple wave 4 might be considered completed. The golden trendline is still providing resistance. Nevertheless, this corrective cycle might get a little more complex if the level of intraday support at the level of 137.48 will not be clearly broken. This price action would mean a possible triangle pattern in purple wave 4 which is in progress. Besides, more range trading between the levels of 138.08 and 137.48 should be expected. On the other hand, a clear impulsive breakout below the level of 137.48 opens the bearish trade range. The target levels are on weekly support pivots at the levels of 137.17 and 136.67.

Support/resistance:

136.67 - WS2

136.17 - WS1

137.48 - intraday support

138.00 - weekly pivot

138.08 - intraday resistance

Trading recommendations:

The last wave to the downside is needed to complete the impulsive progression. So, short orders opened at the beginning of this week and earlier should be still kept open.

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