Technical analysis of EUR/JPY for November 11, 2014 Market Analysis Review

General overview for 11/11/2014 11:11 CET

There is not enough evidence to assume the recent wave development is a completed corrective cycle in blue wave 4. Now, the new impulsive wave to the upside has started. The reason is that the corrective cycle can still be labeled as a more complex and time-consuming cycle in the shape in an irregular flat correction (alternative labeling). Only a clear breakout above the level of 144.22 would put this possibility into question.

Support/Resistance:

44.59 - WR1

144.22 - Technical Resistance

142.91 - Intraday Resistance

142.50 - Weekly Pivot

142.19 - Intraday Support

141.66 - Intraday Support

140.79 - WS1

138.62 - WS2

Trading recommendations:

Yesterday buy orders have not been triggered and now the outlook is still uncertain, so traders should refrain from trading until clear pattern emerge.

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



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for November 11, 2014 . Thanks for your support.