empty
 
 
12.08.2014 03:53 PM
Technical analysis of EUR/JPY for August 12, 2014

General overview for 12/08/2014 14:30 CET

The anticipated top for wave a as one upside leg of the correction has topped at the level of 137.11. Now, green wave b of the corrective cycle is unfolding. There are two possible target levels, marked on the chart as orange rectangles. The first target is at the level of 136.35 and the second one at the level of 136.21. Any breakout below this level would possibly lead to a test of the recent swing low at the level of 135.71. On the other hand, first confirmation of the last green wave c to the upside comes with the golden trendline and weekly pivot level bullish breakout.

Support/Resistance:

135.71 - Swing Low

135.80 - WS1

136.21 - Target Level #2

136.55 - Target Level #2 |Intraday Support|

136.58 - Intraday Support

136.85 - Weekly Pivot

137.55 - Technical Resistance

Trading recommendations:

Day traders should consider opening long positions from the current price levels or from the level of 136.21, with SL below the level of 135.71 and TP at the level of 137.33.

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