General overview for 16/04/2014 09:10 CET
The anticipated wave (c) to the upside is finally unfolding as the complex corrective cycle in wave (b) which has been finished now. There are two possibilities for this last corrective cycle to the upside to unfold: either the correction in wave (c) blue has been finished at the level of 141.50 as an simple irregular (a)(b)(c) correction, or the recent top is the first leg of more complex upward corrective cycle in wave alt: (c) blue that indicates one more push higher to the level of 61% Fibo at 141.16. The key level to keep an eye for is weekly pivot at the level of 140.91 because any breakout lower would indicate that the main count is in play.
Support/Resistance:
142.77 - WR2
142.73 - 78%Fibo
142.16 - 61%Fibo
141.82 - WR1
141.54 - 141.50 - Supply Zone
141.14 - Intraday Support
140.91 - Weekly Pivot
140.23 - Intraday Low
Trading recommendations:
Any breakout higher above the level of 141.55 is a good opportunity to open long orders with SL below the level of 141.12 and TP at the level of 142.16.
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 16, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 16, 2014
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