FX.co ★ Technical analysis of EUR/JPY for April 23, 2014

General overview for 23/04/2014 11:20 CET

The correction is getting more and more complex and time consuming. In this higher time frame, there are three different counts for a possible wave development, and currently it is rather hard to predict the most accurate wave progression for this week. Due to the lack of the upside momentum the bias is generally bearish and only a breakout above 142.17 would put the bearish labeling into question and the level of recent swing high at the level of 143.50 would be eyed. Otherwise, the suggested wave progression should develop in downward direction as there are unfinished cycles on higher than H4 time frames.

Support/Resistance:

143.74 - WR3

143.50 - Swing High

142.74 - WR2

142.22 - 142.16 - Key Level

141.20 - Weekly Pivot

140.70 - WS1

139.97 - Swing Low

139.70 - WS2

Trading recommendations:

All the swing/position traders might want to open a sell orders from current price levels with SL above the level of 142.17 and TP at the level of 140.00 with a possible downside extension.