Technical analysis of EUR/JPY for July 3, 2014 Trend News

General overview for 03/07/2014 09:30 CET

The impulsive wave progression is about to be completed and two target zones has been projected on the chart: the first one is between the levels of 139.27 - 139.39 and the second one (in case of extension) is between the levels of 139.73 - 139.79. From that two levels a sell-off is expected as the wave c of wave 2 correction would be completed. The first confirmation comes with the intraday support breakout at the level of 138.49. Please notice that the bearish divergence on momentum oscillator is supporting the view. .

Support/Resistance:

139.89 - WR3

139.73 - 139.79 - Target Zone #2

139.40 - WR2

139.27 - 139.39 - Target Zone #1

139.12 - Intraday Resistance

138.89 - WR1

138.49 - Intraday Support

138.43 - Weekly Pivot

137.89 - WS1

137.69 - Wave b Low

137.40 - WS2

Trading recommendations:

Daytraders and swing traders should consider to open sell orders from the two target levels indicated on the chart with the SL above the level of 140.06 and TP open for now.

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



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