empty
 
 
06.10.2014 12:44 PM
Technical analysis of EUR/JPY for October 6, 2014

General overview for 06/10/2014 11:30 CET
This market still looks like it is making another false breakout to the upside in the mid-term basis but the lower time frame wave development hasn't really confirmed this view. There are too many possibilities to anticipate with the decent degree of probability what the next market move will be. The longer-term trend is still bullish and the current market behavior is very much similar to some kind of a very complex and time-consuming corrective cycle, possibly in wave 2 of a larger time frame degree.
Nevertheless, to intraday analysis indicates a possible bottom in this market, labeled as wave B, but as long as the intraday resistance at the level of 137.93 is not broken, the bullish impulsive wave progression remains in question. Support/Resistance:
136.86 - Intraday Support | Wave B Low|
137.68 - Weekly Pivot
137.93 - Intraday Resistance
138.45 - WR1
138.97 - 139.15 - Demand Breakthrough Zone Trading recommendations:
Daytraders should pay attention to the mentioned key level as any breakout higher would provide a great opportunity for a buy side trade with SL below the level of 136.85.

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