General overview for 22/01/2014 08:15 CET
The yesterday's labeling has been slightly changed and the top for wave (i) blue has been moved higher to the level of 141.82. The following price action is a corrective cycle wave (ii) blue and still more upward price progression is expected when the correction is finished. The first dynamic resistance is being provided by the golden trendline and only a breakout above the Key Level at 141.82 would mean the correction is over and an impulsive wave development has started. On the other hand, the correction might get more complex and time consuming if the mentioned golden trenline and Key Level are not violated. In that case there is a possibility, that Intraday Suport at the level of 141.02 will be tested again, but as long as the low at the level of 140.31 is not taken out, the outlook remains bullish.
Support/Resistance:
142.90 - Wave b green High
142.32 - WR1
141.82 - Intraday Resistance | Key Level|
141.42 - Weekly Pivot
141.02 - Intraday Support
140.31 - Swing Low
139.92 - WS1
Trading recommendations:
As I had mentioned before, the outlook is bullish and long positions should be open if the level of 141.83 is broken. In this case SL should be placed below the level of 141.59 and TP should be placed at the level of 142.15 and 142.32.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for January 22, 2014 . Thanks for your support on Technical analysis of EUR/JPY for January 22, 2014
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