Technical analysis of EUR/JPY for September 4, 2014
September 4, 2014 9:40 am
General overview for 04/09/2014 09:50 CET
Not much has changed since yesterday as the market is in corrective cycle labled by blue wave (b) and it is about to complete blue wave (c) to the upside. Then, the first leg of a complex corrective structure will be completed but any breakout below the level of 136.48 invalidates this bullish scenario.
Support/Resistance:
138.63 – WR3
138.25 – Intraday Resistance
138.14 – WR2
137.67 – Intraday Support
137.40 – Intraday Support
137.37 – WR1
136.89 – Weekly Pivot
Trading recommendations:
As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 04/09/2014 09:50 CET
Not much has changed since yesterday as the market is in corrective cycle labled by blue wave (b) and it is about to complete blue wave (c) to the upside. Then, the first leg of a complex corrective structure will be completed but any breakout below the level of 136.48 invalidates this bullish scenario.
Support/Resistance:
138.63 – WR3
138.25 – Intraday Resistance
138.14 – WR2
137.67 – Intraday Support
137.40 – Intraday Support
137.37 – WR1
136.89 – Weekly Pivot
Trading recommendations:
As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).
The material has been provided by InstaForex Company – www.instaforex.com
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