Technical analysis of EUR/JPY for October 8, 2014 Market Analysis Review

General overview for 08/10/2014 10:30 CET

The overall Elliott Wave count has been changed to give the last chance for this triple zig-zag scenario to work out. The invalidation line is at the level of 135.80 and any breakout lower invalidates the alternate impulsive bullish count. That would mean the market is back to the triangle zone and the last breakout to the upside was a false one. On the other hand, the first bullish confirmation comes with golden channel breakout and the second confirmation comes with the key level breakout to the upside. Bullish divergence on momentum oscilator supports the upside case. Support/Resistance:

135.81 - Invalidation Level

136.24 - WS1

136.55 - Intraday Support | Wave B Low|

137.03 - Intraday Resistance

137.68 - Weekly Pivot

138.45 - WR1

138.97 - 139.15 - Demand Breakthrough Zone Trading recommendations:

Only a valid breakout above the level of 137.05 allows daytraders to open buy positions with SL below the level of 136.55. Otherwise, please refrain from trading for now.

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