Technical analysis of EUR/JPY for October 30, 2014 Market Analysis Review

General overview for 30/10/2014 07:30 CET

As anticipated two days ago the one to one equal legs market geometry pattern between waves a and c green has been completed and supply zone has provided the resistance necessary to move the market down. Currently it looks like intern sub-cycle wave -i- is completed and now the market is in wave -ii- of the cycle. When the correction is finished, the market should break below the level of 137.25 in impulsive fashion and continue lower. Nevertheless, the key support for the bulls is still at the level of 136.48 and only a breakout below this level confirms the top for wave B black at the level of 138.04. On the other hand, any breakout higher above the supply zone invalidates the immediate impulsive bearish scenario.

Support/Resistance:

138.11 - WR1

138.06 - Projected Target Level For wave B |Key Level for Bears|

137.92 - Intraday Resistance

137.80 - 137.93 - Supply Zone

137.24 - Intraday Support

136.66 - Weekly Pivot

136.48 - Intraday Support|Key Level for Bulls|

136.11 - WS1

Trading recommendations:

Sell positions opened yesterday should still be kept open. Just to remind you: SL above the level of 138.11, TP below the level of 137.24.

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



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