Wednesday, 23 July 2014

Technical analysis of EUR/JPY for July 23, 2014 Trend News

General overview for 23/07/2014 10:10 CET


The downside wave progression is unfolding exactly as anticipated. Now, the downside developments should be in progress as per main count. Nevertheless, the alternate labeling is suggesting that the sell-off might be limited now as the five waves sequence is mature and some upside correction might unfold here. The target for wave alt: (v) green is at the level of 136.17 and then some bounce should be expected. The medium-term bias is still bearish.


Support/Resistance:


139.05 - WR2


138.43 - Wave 4 Top


137.91 - WR1


137.48 - 137.63 - Techncial Resistance


137.32 - Weekly Pivot


136.57 - Intraday Resistance


136.17 - WS1


136.07 - Wave alt.(v) Target Level


Trading recommendations:


The TP level has been hit. Now, day traders should wait for another setup to appear. Patience.


eurjpy_h1.jpg


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



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