FX.co ★ Technical analysis of EUR/JPY for April 1, 2014

General overview for 01/04/2014 09:00 CET

Five impulsive waves to the upside has been finished now, and this pair should continue to decline further to complete wave Y black of the overall corrective structure in wave 4 purple. In case of any upside breakout, the key level is at the level of 143.79 because this would mean the corrective structure is invalidated and alternate bullish count has been confirmed.

Support/Resistance:

143.12 - WR2

142.60 - Swing High

142.47 - WR1

142.35 - Intraday Resistance

142.00 - Intraday Support

141.70 - Technical Support

141.22 - Weekly Pivot

Trading recommendations:

Two possible trade opportunities here for intraday scalpers

- open sell positions if the level of 142.00 is broken with SL above the level of 142.31 and TP at the level of 141.70 and 141.26.

- open buy positions if the level of 142.30 is broken with SL below the level of 142.00 and TP at the level of 142.60 and 143.12.