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

General overview for 24/10/2014 10:40 CET

After an impulsive breakout above the golden channel yesterday the pair is consolidating gains and more upside is being anticipated as it looks like wave -iii- blue might be developing here. The key level to the upside is still the intraday resistance at the level of 137.00 and as long as the intraday supports at the levels of 136.50 and 136.26 will provide the opportunity to buy, more upside is being anticipated here. Moreover, a break above the level of 137.00 is bullish and the level of 137.87 will be tested sooner or later anyway.

Support/Resistance:

137.86 - WR1

137.77 - 137.94 - Supply Zone

136.99 - Intraday Resistance

136.50 - Intraday Support

136.25 - Intraday Support|Key Level|

135.99 - Weekly Pivot

135.27 - WS1

134.11 - Swing Low

Trading recommendations:

Day traders should consider opening buy stop orders from the level of 137.02 with SL below the level of 136.49 and TP at the level of 137.86. Swing traders should put SL below the level of 135.27 and wait for further impulsive wave progression to the upside.

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



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