General overview for 22/04/2014 08:00 CET
The green rectangle target level has been missed by 10 pips, and the 50%Fibo had been hit again before the market reversed. The key level of intraday support at the level of 141.38 must be broken to confirm the wave 2 or B top is in place. Next levels are weekly pivot at the level of 141.22 and supply breakthrough zone between the levels of 140.96 - 141.08. If those two important levels of support are broken and the price action will be in shape of an impulsive decline, then the probability of a temporary top and trend reversal from it is highly increased and lower prices can be expected.
Support/Resistance:
142.21 - WR1
141.96 - Technical Resistance
141.81 - Intraday Resistance
141.76 - 50%Fibo
141.38 - Intraday Support
141.22 - Weekly Pivot
140.96 - 141.08 - Supply Breakthrough Zone
140.68 - WS1
140.23 - Swing Low
Trading recommendations:
- for swing traders: sell positions that had been opened last week from the big grey rectangle zone should still be kept open. Targets are much lower than a current prices. Adding to position is advised if the level 140.00 is broken.
- for daytraders: sell stop positions should be open from the level of 141.38 with SL above the level of 141.81 and TP at the level of 141.08.
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 22, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 22, 2014
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