Technical analysis of EUR/JPY for June 13, 2014 Trend News

General overview for 13/06/2014 08:20 CET

The bottom for the wave B black looks finally to be in place and now the impulsive wave progression to the upside should start. Dynamic rebound from the lows suggests the market is in the wave one right now and a corrective cycle is due next. This scenario is possible as long as no new low is made. The key level is old supply breakthrough zone between the levels of 138.49 - 138.58 and then the nearby technical resistance is at the level of 138.74. A breakout higher will likely lead to weekly pivot test.

Support/Resistance:

137.70 - Swing Low

137.81 - WS3

138.24 - WS2

138.32 - Intraday Support

138.49 - 138.59 - Key Level

138.74 - Intraday Resistance

Trading recommendations:

Daytraders and swing traders should consider opening buy positions from the level of 138.32, with SL below the level of 137.69 and TP at the level of 139.56, with possible extensions above last swing high next week. The first level to add to winning positions is at the level of 138.74 and 139.15.

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



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