Technical analysis of EUR/JPY for October 3, 2014 Market Analysis Review

General overview for 03/10/2014 08:40 CET

The bounce from the wave B low is currently in three waves but as long as the level of 137.40 is not violated this structure can still develop into full five wave impassive cycle. That would mean, the low for wave B has been established and now market has started another upward cycle in wave C. To accomplish that, the first intraday resistance at the level of 137.93 must be broken and market must impulsively move higher into the grey rectangle zone, marked on chart as demand breakthrough zone.

Support/Resistance:

136.86 - Swing Low

136.96 - 78%Fibo

137.12 - WS2

137.63 - Intraday Support

137.73 - WS1

137.93 - Intraday Resistance

138.78 - Intraday Resistance

138.96 - Weekly Pivot

138.96 - 139.14 - Demand Breakthrough Zone

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 137.39 and TP at the level of 138.78.

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



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