Technical analysis of EUR/JPY for May 19, 2014 Trend News

General overview for 19/05/2014 10:30 CET

The market is trading below the weekly pivot at the level of 139.43, but the downside seems to be limited due to the decrease in the downside momentum and bullish divergence on the hourly chart and a possible low for the main impulsive wave down, 1 black, at the level of 138.75. Nevertheless, for a deeper upward corrective cycle to start, the level of weekly pivot is the key level to the upside and next resistance at the level of 139.87 is a possible first target for a corrective cycle to finish.

Support/Resistance:

138.75 - Wave 1 Low | Intraday Support |

139.43 - Weekly Pivot

139.87 - Technical Resistance | Key Level |

140.09 - 61%Fibo | WR1 |

140.97 - 141.06 - Supply Zone

Trading recommendations:

The swing traders might want to close their open short orders at current levels and wait for a corrective cycle to complete and then enter again from the level of 139.87 with SL above the level of 140.11 and open TP for now.

The material has been provided by InstaForex Company - www.instaforex.com



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