General overview for 23/04/2014 11:20 CET
The correction is getting more and more complex and time consuming. In this higher time frame, there are three different counts for a possible wave development, and currently it is rather hard to predict the most accurate wave progression for this week. Due to the lack of the upside momentum the bias is generally bearish and only a breakout above 142.17 would put the bearish labeling into question and the level of recent swing high at the level of 143.50 would be eyed. Otherwise, the suggested wave progression should develop in downward direction as there are unfinished cycles on higher than H4 time frames.
Support/Resistance:
143.74 - WR3
143.50 - Swing High
142.74 - WR2
142.22 - 142.16 - Key Level
141.20 - Weekly Pivot
140.70 - WS1
139.97 - Swing Low
139.70 - WS2
Trading recommendations:
All the swing/position traders might want to open a sell orders from current price levels with SL above the level of 142.17 and TP at the level of 140.00 with a possible downside extension.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for April 23, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 23, 2014
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