FX.co ★ Technical analysis of EUR/JPY for August 28, 2014

General overview for 28/08/2014 13:00 CET

The impulsive wave progression to the downside has been developing properly during the last four days. Now, the outlook remains the same: more downside is being expected as the impulsive structure has not been completed yet. There is a possible test of the level of 136.76 but the the failure is expected and downtrend should resume. The first projected target is at the level of 135.67.

Support/Resistance:

138.05 - WR1

138.02 - Swing High |Invalidation Level|

137.98 - Wave 2 of 3 High

137.42 - Weekly Pivot

136.85 - WS1

136.75 - Intraday Resistance

136.24 - WS2

135.67 - WS3

Trading recommendations:

The short orders from the last week are still opened and the TP is at the level of 136.70 with a quite possible downside extension to the level of 135.70.