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

General overview for 24/07/2014 19:30 CET

It looks like the market has chosen to follow the alternate count, but to confirm this scenario, the high of the wave 2 green top must be clearly broken. This is the key level to watch for all bears, because any breakout higher means the alternate count is in play and the corrective cycle might go even higher if the golden trendline is broken.

Support/Resistance:

136.18 - WS1

136.35 - Wave b green Low

136.75 - Intraday Support

137.30 - Weekly Pivot

137.33 - Intraday Resistance |Key Level|

137.65 - Technical Resistance

Trading recommendations:

Any breakout higher above the key level means swing and daytraders should keep the open short positions as the corrective wave to the upside has started.