FX.co ★ Technical analysis of EUR/JPY for Febuary 10, 2014

General overview for 10/02/2014 09:30

After finishing wave 4 purple a quite impulsive wave development is right now in progress. The 61%Fibo at the level of 139.32 has been breached in both directions and now this pair is in corrective cycle of a possible wave (ii) green. The target level for a simple correction is 138.87 and any breakout below this level means more supply is to the market. The key level for bulls to keep the momentum going on is the area between the levels of 137.43 - 137.56. Any breakout lower might mean that a new low is in view. On the other hand the most important level for bulls to confirm the strength is the level of 141.25. A breakout above this level is confirmation the wave 4 purple has bottomed at the level on 136.22

Support/Resistance:

141.25 - Swing High

140.17 - 78%Fibo

139.79 - Intraday Resistance

139.36 - Intraday Support

138.87 - Weekly Pivot

137.98 - WS1

137.43 - 137.56 - Key Level for Bulls

136.25 - Swing Low

Trading recommendations:

Short positions should be open from current market price with SL above the level of 138.79 and TP at the level of 138.87.