FX.co ★ Technical analysis of EUR/JPY for April 24, 2014

General overview for 24/04/2014 12:15 CET

The corrective cycle is getting more complex and time consuming on lower time frames. Currently traders can keep an eye on two very important level for this market, both for bulls and bears. However, the current wave development suggests an unfinished small upward cycle to complete the wave c green of wave (c) blue before the downside trend will resume. Nevertheless, any breakout below the weekly pivot level will immediately put the grey rectangle zone to the test. This zone is , labeled as a key level for bulls. Breakout lower is bearish and lower prices should be expected sooner than later.

Support/Resistance:

142.21 - WR1

142.16 - 61%Fibo

141.97 - Technical Resistance

141.78 - Intraday Resistance

141.32 - Intraday Support

141.23 - Weekly Pivot

140.97 - 141.06 - Supply Breakthrough Zone

Trading recommendations:

As long as weekly pivot at the level of 141.23 provides the support, the buy orders should be opened from the price levels close to the level of 141.32 with SL below the level of 141.25 and TP at the level of 141.96 and 142.16.