Technical analysis of EUR/JPY for July 15, 2014 Trend News

General overview for 15/07/2014 07:50 CET

The bearish impulsive purple wave count has been invalidated due to wave 1 and wave 4 overlaps. However, there is still a chance for a leading diagonal pattern to emerge. This scenario is valid as long as the level of 138.75 is not broken. However, if the level of 138.75 is broken, then the market is going to test the recent high of green wave 2 at the level of 139.27.

Support/Resistance:

139.31 - WR2

139.27 - Swing High

138.75 - Leading Diagonal Count Invalidation Line

138.49 - WR1

138.43 - Intraday Resistance

138.21 - Intraday Support

138.00 - Weekly Pivot

137.49 - Swing Low

Trading recommendations:

Day traders should consider opening short orders from the price zone between the levels of 138.50 - 138.75, with the SL above the level of 138.76 and TP below the level of 137.49.

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



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