empty
 
 
31.01.2014 12:46 PM
Technical analysis of EUR/JPY for January 31, 2014

This image is no longer relevant

General overview for 31/01/2014 10:00 CET

The target for wave (v) blue has been missed by mere 10 pips and it looks like the market had finished the impulsive wave progression to the downside and now it is trying to bounce from the lows. The next cycle should be a corrective wave B green, that might retrace first to the grey rectangle area between the levels of 139.47 - 139.58 or hit the previous wave four area at the level of 139.93. Moreover, the weekly pivot should provide good resistance and it should stop any upside rally. On the other hand, any break out lower below the level of 138.66 is bearish and wave (v) will be extended down to the level of 137.96.

Support/Resistance

137.96 - WS1

138.66 - Intraday Support

139.21 - Intraday Resistance

139.47 - 139.58 - Demand Breakthrough Zone

139.93 - Previous wave four level

140.17 - Weekly Pivot

Trading recommendations:

Break out below the level of 138.66 is bearish and buy stop orders should be opened from this level with SL above the level of 139.21 and TP at the level of 137.96.

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