empty
 
 
30.07.2014 08:55 AM
Technical analysis of EUR/JPY for July 30, 2014

General overview for 30/07/2014 07:50 CET

The top for the green wave (ii) looks to be in place. Now, the market should continue with impulsive bearish wave progression to the downside. The invalidation line for this cycle is at the level of 137.25. The price is still staying under the golden trendline level and under intraday resistance at the level of 137.33. Only a clear, sustained breakout higher above the level of 137.25 would invalidate a simple abc purple corrective scenario. Breakout above the level of 137.32 invalidates the main outlook and puts the alternative scenario into play.

Support/Resistance:

136.23 - WS1

136.36 - Wave 1 Low

136.62 - Intraday Support

136.78 - Weekly Pivot

136.92 - Intraday Resistance

137.25 - Invalidation Level

137.21 - WR1

137.32 - Intraday Resistance

137.50 - 137.63 - Key Level for Bears

Trading recommendations:

Day traders should still keep the short orders from the level of 136.95 open, with SL above the level of 137.25 and TP at the level of 136.23 with a possible downside extension.

This image is no longer relevant

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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