FX.co ★ Technical analysis of EUR/JPY for July 28, 2014

General overview for 28.07/2014 08:30 CET

The market is still trading in the bearish zone between the levels of 137.50 and 136.23. Both main and alternate count has been labeled on the chart. Currently, traders should wait for one of the count to get invalidated. Breakout above the level of 137.33 invalidates the main count whereas breakout below the level of 136.36 invalidated the alternate one. Please notice, that the longer-term outlook is still bearish for this pair.

Support/Resistance:

136.23 - WS1

136.36 - Wave 1 Low

136.62 - Intraday Support

136.78 - Weekly Pivot

136.92 - Intraday Resistance

137.21 - WR1

137.32 - Intraday Resistance

137.50 - 137.63 - Key Level for Bears

Trading recommendations:

Day traders should consider to open short orders from the level of 136.95, with SL above the level of 137.25 and TP at the level of 136.23 with a possible downside extension.