FX.co ★ Technical analysis of EUR/JPY for April 2, 2014

General overview for 02/04/2014 13:30 CET

The recent last leg up in this pair looks like a completed ZigZag wave (c) and it is very possible now that the overall corrective wave structure in wave X black has been done. The first confirmation comes with the golden trendline breakout to the downside. Secondary confirmation comes with the level of 142.59 breakout to the downside as well. Without this kind of wave development this ZigZag formation might unfolded into a full five wave impulsive wave progression to the upside in wave (c) blue. Please notice the bearish divergence is signaling a possible top in wave X as well.

Support/Resistance:

143.79 - Technical Resistance

143.20 - Intraday Resistance

143.12 - WR2

142.90 - Intraday Support

142.95 - Technical Support

142.47 - WR1

Trading recommendations:

Sell stop orders should be opened from the level of 142.88 with SL above the level of 143.20 and TP at the level of 142.59 and 142.47.