FX.co ★ Technical analysis of EUR/JPY for Febuary 27, 2014

General overview for 27/02/2014 09:45 CET

The corrective wave development to the downside looks finished and now more upside is being anticipated as the price is bouncing from the Key Level at the level of 139.63. Currently, if the count is correct, the market should start developing impulsive wave to the upside, wave 3, and to break the golden trend line dynamic resistance, and the level of 140.30 should be broken in impulsive fashion as well. Please notice, that any violation of the level of 139.18 invalidates the impulsive bullish count and more downside should be expected.

Support/Resistance:

139.18 - Intraday support | Invalidation level |

139.64 - Key level

139.83 - WS1

140.30 - Technical resistance

140.53 - Weekly pivot

141.10 - 141.25 - Supply

Trading recommendations:

Buy orders should be opened from the level of 139.63 with SL below the level of 139.18 and TP at the level of 140.30 with a possible upside extension.