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FX.co ★ Technical analysis of EUR/JPY for April 17, 2014

Technical analysis of EUR/JPY for April 17, 2014

General overview for 17/04/2014 10:15 CET

The alternate count is getting more probable and if the price trades above the weekly pivot at the level of 140.91, then traders might see another rally, up to the first target at the level of 141.90. This would be the key level for any upside wave development now. On the other hand, a breakout below the weekly pivot means the top for wave 2 or B is in place.

Support/Resistance:

141.76 - 50%Fibo

140. 97 - Intraday Support

140.91 - Weekly Pivot

140.23 - Swing Low

Trading recommendations:

As long as the price is trading above the weekly pivot level, long positions are in favor with SL below the level of 140.90 and TP at the level of 141.90.

Technical analysis of EUR/JPY for April 17, 2014

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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