Technical analysis of EUR/JPY for January 20, 2014
January 20, 2014 4:15 pm
General overview for 20/01/2014 15:15 CET
Last downside wave progression has broken the low of wave 1 (current A green) and this is why the count has been changed to more complex wave structure.
Currently, the upside wave progression has not been changed and there is some evidence that higher prices are possible.
The upside rally is possible due to ABC green Irregular Flat structure developing and the high of wave A green should be taken out.
In case of more complex correction, please notice, that wave 4 that the market is currently in, can develop into am ABCDE Triangle formation.
Support/Resistance:
139.92 – WS1
140.31 – Swing Low
140.88 – Intraday Support
141.36 – Intraday Resistance
141.42 – Weekly Pivot
142.32 – WR1
142.89 – Wave B high
Trading recommendations:
As long as intraday support at the level of 140.88 persists, long entry is preffered with SL below the level of 140.79 and TP at the level of 141.42. Extension is possible.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 20/01/2014 15:15 CET
Last downside wave progression has broken the low of wave 1 (current A green) and this is why the count has been changed to more complex wave structure.
Currently, the upside wave progression has not been changed and there is some evidence that higher prices are possible.
The upside rally is possible due to ABC green Irregular Flat structure developing and the high of wave A green should be taken out.
In case of more complex correction, please notice, that wave 4 that the market is currently in, can develop into am ABCDE Triangle formation.
Support/Resistance:
139.92 – WS1
140.31 – Swing Low
140.88 – Intraday Support
141.36 – Intraday Resistance
141.42 – Weekly Pivot
142.32 – WR1
142.89 – Wave B high
Trading recommendations:
As long as intraday support at the level of 140.88 persists, long entry is preffered with SL below the level of 140.79 and TP at the level of 141.42. Extension is possible.
The material has been provided by InstaForex Company – www.instaforex.com
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