Technical analysis of EUR/JPY for September 19, 2014 Market Analysis Review

General overview for 19/09/2014 10:00 CET

The impulsive structure is almost completed as the market enters the corrective cycle in green wave (iv). The first support level for this wave is at the level of 140.20 and the second support is at the level of 139.82. The shape of the corrective cycle is currently unknown, but the triangle is a rather possible outcome. When the correction is done, market should rebound and make a new high.

Support/Resistance:

141.58 - WR2

141.20 - Intraday Resistance

140.76 - WR1

140.20 - Intraday Support

139.82 - Intraday Support

138.30 - Weekly Pivot

138.25 - 138.41 - Supply Breakthrough Zone

Trading recommendations:

Day traders might consider opening the buy positions from the level of 140.20 with SL below the level of 139.80 and TP at the level of 141.58.

Swing traders should buy the dips in this market with initial SL below the level of 138.24 and open TP.

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



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