Technical analysis of EUR/JPY for July 18, 2014 Trend News

General overview for 18/07/2014 11:00 CET

The market has made an extended fifth wave to the downside that has completed at the weekly support pivot level as anticipated. The recent low has been labeled as green wave 1 of the overall wave progression. Now, the market is in the corrective cycle of green wave 2. Please notice, that the alternate labeling suggests even more impulsive wave progression to the downside. The key level for the bears is at the technical resistance zone between the levels of 137.48 - 137.62. If this zone is not broken, there is still a possibility of one more wave to the downside.

Support/Resistance:

138.00 - Weekly Pivot

137.61 - 137.48 - Technical Resistance |Key Level for Bears|

137.41 - Intraday Resistance

137.17 - WS1

136.67 - WS2

Trading recommendations:

Day traders should consider to open a sell orders from the level of 137.41 with SL above the level of 137.63 and TP at the level of 136.67 with a possible downside extension.

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



For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for July 18, 2014 . Thanks for your support on Technical analysis of EUR/JPY for July 18, 2014