Technical analysis of EUR/JPY for September 24, 2014 Market Analysis Review

General overview for 24/09/2014 08:50 CET

The rebound from wave (4) purple low hasn't been strong enough to breakout above the intraday resistance at the level of 140.21 and the price has failed there and got back into the trading range. Nevertheless, it looks like the first wave of the impulsive progression to the upside has been made (labeled as wave blue -i- ), the corrective cycle looks completed as well (labeled as wave -ii-) and now the market should develop another impulsive wave to the upside without breaking the intraday support at the level of 139.16. Any other market movement means that the key levels will be tested soon.

Support/Resistance:

141.22- Swing High|WR1|

140.21 - Intraday Resistance

139.84 - Weekly Pivot

139.16 - Intraday Support |Purple Impulsive Count Invalidation Level|

138.46 - WS1

138.25 - Blue Impulsive Count Invalidation Level

137.12 - WS2 Trading recommendations:

The buy orders from yesterday should still be kept open as there is still a chance for a further upward wave progression. Sl is below the level of 139.16, TP is above the level of 140.26. Longer time frame TP points out towards the level of 141.27 and above.

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