General overview for 07/08/2014 07:50 CET
The target level anticipated yesterday has been hit and even extended due to a brief flash crash on yen pairs. Now, the market is in a corrective cycle. Currently, the count indicates that a first wave of the correction is done and only a breakout below the level of 136.83 is the confirmation of this view. Please, notice that the shape of the correction may vary as the market is in green wave B of the corrective cycle.
Support/Resistance:
136.14 - WS2
136.83 - Intraday Support
137.04 - WS1
137.15 - Intraday Resistance
137.33 - Technical Resistance
Trading recommendations:
Day traders should refrain from trading and wait for the news later in the day.
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 August 7, 2014 . Thanks for your support on Technical analysis of EUR/JPY for August 7, 2014
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