Technical analysis of EUR/JPY for January 27, 2014
January 27, 2014 8:15 am
General overview for 27/01/2014 07:50 CET
The last five waves to the downside has been finally made and the complex and time consuming correction in wave 4 purple has been finished at the level of 139.11. Currently the market is bouncing up from this level and it is about to break out higher above the technical resistance area between the levels of 140.30 – 140.48. If this will happen, then the next area of resistance is between the levels of 141.01 – 141.14.
Support/Resistance:
141.24 – WR1
141.01 – 141.14 – Demand Breakthrough Zone
140.30 – 140.48 – Technical Resistance
140.16 – Weekly Pivot
139.74 – Intraday Support
139.11 – Swing Low
Trading recommendations:
As long as the weekly pivot at the level of 140.16 will provide the support, dips should be bought and long positions should be opened with SL below the level of 140.15 and TP at the level of 141.00.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 27/01/2014 07:50 CET
The last five waves to the downside has been finally made and the complex and time consuming correction in wave 4 purple has been finished at the level of 139.11. Currently the market is bouncing up from this level and it is about to break out higher above the technical resistance area between the levels of 140.30 – 140.48. If this will happen, then the next area of resistance is between the levels of 141.01 – 141.14.
Support/Resistance:
141.24 – WR1
141.01 – 141.14 – Demand Breakthrough Zone
140.30 – 140.48 – Technical Resistance
140.16 – Weekly Pivot
139.74 – Intraday Support
139.11 – Swing Low
Trading recommendations:
As long as the weekly pivot at the level of 140.16 will provide the support, dips should be bought and long positions should be opened with SL below the level of 140.15 and TP at the level of 141.00.
The material has been provided by InstaForex Company – www.instaforex.com
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