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FX.co ★ Technical analysis of EUR/JPY for July 4, 2014

Technical analysis of EUR/JPY for July 4, 2014

General overview for 04/07/2014 08:30 CET

The target zone has been hit and price has failed to break above this level so now it is in a retreat mode. This cycle might be the beginning of a much more impulsive downward wave progression and even a start for a wave 3 green to the downside. Nevertheless, traders should notice that the corrective cycle might as well become more complex and time-consuming as long as the level of 137.89 is not broken. Any new high above the level of 139.27 invalidates the count.

Support/Resistance:

139.89 - WR3

139.40 - WR2

139.27 - 139.39 - Old Target Zone #1

138.94 - Intraday Resistance

138.89 - WR1

138.49 - Intraday Support

138.43 - Weekly Pivot

137.89 - WS1

137.69 - Wave b Low

137.40 - WS2

Trading recommendations:

The short orders opened yesterday should be still kept open as the lower prices are anticipated. Stop loss is above the level of 140.10 and take profit level is currently open.

Technical analysis of EUR/JPY for July 4, 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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