Technical analysis of EUR/JPY for June 26, 2014 Trend News

General overview for 26/06/2014 08:10 CET

As I have mentioned yesterday, the corrective wave b purple of (b) blue might get more complex and time consuming as the market is still testing the intraday resistance at the level of 138.91. Please note that this area has been touched five times already and now it is crucial for the market to decide if it wants to break out higher or fall down. First indication of the bearish wave development comes with weekly pivot breakout and then with intraday support breakout also. Any breakout higher to the bullish zone will be targeting the levels of 139.36 and 139.71.

Support/Resistance:

137.34 - WS2

137.70 - Technical Support

138.18 - WS1

139.36 - WR1

139.71 - WR2

138.27 - Intraday Support

138.53 - Weekly Pivot

138.91 - Intraday Resistance

Trading recommendations:

Due to the very narrow price action, we still have sell stop positions opened two days ago that have the SL above the level of 138.88 and any breakout higher should be considered to be bullish and buy positions should be open with TP at the level of 139.36 and 139.71.

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 June 26, 2014 . Thanks for your support on Technical analysis of EUR/JPY for June 26, 2014