General overview for 30/01/2014 10:30 CET
The key level from yesterday has not been broken and higher prices had been rejected. After price had broken below 140.80 level the impulsive decline accelerated. Currently the five waves to the downside are almost done and the target for wave (v) blue is at the level of 138.56. Once this level is reached, the bounce is expected and test of the technical resistance at the level of 139.04 is anticipated.
Support/Resistance:
137.96 - WS1
138.56 - Wave (v) target level
139.04 - Intraday Resistance
140.17 - Weekly Pivot
Trading recommendations:
Short positions should be kept open until the target level is hit.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for January 30, 2014 . Thanks for your support on Technical analysis of EUR/JPY for January 30, 2014
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