Technical analysis of EUR/JPY for January 24, 2014
January 24, 2014 7:30 am
General overview for 24/01/2014 07:30 CET
Due to waves overlap, the main count has been invalidated and alternate count is the correct one.
Intraday waves progression suggests a possible triangle pattern forming within the wave X black, as long as the green trend lines are not violated. Otherwise, the sell-off might accelerate once the level of 141.02 is broken to the downside.
Support/Resistance:
142.90 – Wave b High
142.32 – WR1
141.75 – Intraday Resistiance
141.41- Weekly Pivot
141.02 – Intraday Support
140.30 – 140.49 – Technical Support
139.92 – WS1
Trading recommendations:
In case of the level of 141.02 breakout, the short positions should be opened with SL above the level of 141.41 and TP at the level of 140.49.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 24/01/2014 07:30 CET
Due to waves overlap, the main count has been invalidated and alternate count is the correct one.
Intraday waves progression suggests a possible triangle pattern forming within the wave X black, as long as the green trend lines are not violated. Otherwise, the sell-off might accelerate once the level of 141.02 is broken to the downside.
Support/Resistance:
142.90 – Wave b High
142.32 – WR1
141.75 – Intraday Resistiance
141.41- Weekly Pivot
141.02 – Intraday Support
140.30 – 140.49 – Technical Support
139.92 – WS1
Trading recommendations:
In case of the level of 141.02 breakout, the short positions should be opened with SL above the level of 141.41 and TP at the level of 140.49.
The material has been provided by InstaForex Company – www.instaforex.com
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