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01.08.2014 11:07 AM
Technical analysis of EUR/JPY for August 1, 2014

General overview for 01/08/2014 09:30 CET

Not much has changed in this pair since yesterday as green wave (iv) is still developing. When the corrective cycle is completed, one more wave to the upside is needed to finish the higher degree cycle. Breakout below the intraday support at the level of 137.33 invalidates this view.


Support/Resistance:

138.19 - WR3

138.02 - 138.08 - Wave (v) Target Zone

137.84 - Intraday Resistance

137.76 - WR2

137.49 - 137.62 - Technical Support

137.33 - Intraday Support

Trading recommendations:

Day traders should consider opening buy positions from the current price levels with SL below the level of 137.49 and TP at the level of 138.02 with a possible extension to 138.19.

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