Technical analysis of EUR/JPY for January 23, 2014
January 23, 2014 3:45 pm
General overview for 23/01/2014 15:50 CET
The corrective structure on hourly time frame is getting more complex and time-consuming as the price is rather close to invalidate the main impulsive count. The critical area for impulsive count not to be invalidated is between weekly pivot at the level of 141.42 and intraday support at the level of 141.20. Any breakout below this level means that the main count is invalidated and lower market prices are expected.
Support/Resistance:
142.90 – Swing High
142.32 – WR1
142.05 – Intraday Resistance
141.42 – Weekly Pivot
141.20 – Intraday Support
140.49 – 140.30 – Technical Support Zone
Trading recommendations:
Short positions should be opened only if the level of 141.20 is violated. In that case SL should be placed above the level of 141.42 and Tp should be placed at the level of 140.48.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 23/01/2014 15:50 CET
The corrective structure on hourly time frame is getting more complex and time-consuming as the price is rather close to invalidate the main impulsive count. The critical area for impulsive count not to be invalidated is between weekly pivot at the level of 141.42 and intraday support at the level of 141.20. Any breakout below this level means that the main count is invalidated and lower market prices are expected.
Support/Resistance:
142.90 – Swing High
142.32 – WR1
142.05 – Intraday Resistance
141.42 – Weekly Pivot
141.20 – Intraday Support
140.49 – 140.30 – Technical Support Zone
Trading recommendations:
Short positions should be opened only if the level of 141.20 is violated. In that case SL should be placed above the level of 141.42 and Tp should be placed at the level of 140.48.
The material has been provided by InstaForex Company – www.instaforex.com
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