FX.co ★ Technical analysis of EUR/JPY for August 21, 2014

General overview for 21/08/2014 09:50 CET

Despite hitting the target zone, the market is not going down in the impulsive manner. So, the outlook has been a little changed to put the emphasis on more complex wave 2 of 3 progression in shape of the WXY complex corrective structure. A very important level that will act as an invalidation line is the level of 138.02. Any violation of this levels means the bearish impulsive scenario is invalidated and higher prices will be seen soon. Otherwise, the outlook is still bearish as long as this level holds.

Support/Resistance:

138.02 - Swing High| Invalidation Level|

137.70 - WR1

137.45 - Intraday Support

137.04 - Weekly Pivot

Trading recommendations:

Please refrain from trading until a clear pattern occurs.