Technical analysis of EUR/JPY for April 30, 2014 Trend News

General Overview for 30/04/2014 16:30 CET

The top indicated yesterday has been confirmed and the price has made a five wave decline towards supply breakthrough zone. The wave (i) green has been finished and now the market is in a corrective cycle. Waves abc purple in wave (ii) green have been completed, but please notice that this still might be only the wave a green of a correction. Only a breakout below 140.97 - 141.06 zone will confirm that correction is finished.

Support/Resistance:

142.41 - WR2

142.35 - Intraday Resistance

142.14 - Intraday Support

141.89 - WR1

141.68 - Wave iv Low

141.45 - Weekly Pivot

140.97 - 141.06 - Supply Breakthrough Zone

140.93 - WS1

140.50 - WS2

Trading recommendations:

Short positions opened yesterday should still be kept open with SL and TP levels without change.

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



For detail explanation and best discovery on market trends you may visit via Technical analysis of EUR/JPY for April 30, 2014 . Thanks for your support on Technical analysis of EUR/JPY for April 30, 2014