General overview for 15/04/2014 08:00 CET
The market is in very thigh range now and so far there is no sign of any impulsive wave development yet. Instead, the current price action looks more like a triangle pattern is building in wave B green. Still the key level is the intraday resistance at the level of 140.83 - 141.04 and a breakout higher is bullish. Any failure here will put the level of intraday support at 140.40 to the test first, and then a possible downside extension to the swing low at the level of 140.00.
Support/Resistance:
140.00 - WS1
140.40 - Intraday Support
140.91 - Weekly Pivot
140.83 - 141.05 - Retail Weekend Gap
141.45 - 141.54 - Supply Zone
141.82 - WR1
Trading recommendations:
There is not much development since yesterday on this pair and the recommendations are still valid: the key level for intraday traders is the level of 140.40 as any breakout to the downside will put the recent swing low to the test. In that case sell stop orders should be opened from the level of 140.39 with SL above the level of 140.84 and TP at the level of 140.00.
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 April 15, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 15, 2014
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