FX.co ★ Technical analysis of EUR/JPY for April 14, 2014

General overview for 14/04/2014 08:15 CET

The corrective cycle is still in progress and anticipated wave (c) blue to the downside has been fully developed. The weekend retail gap will provide the intraday resistance and as long as it holds, there is a very little chance for any upside developments. Because the current labeling might indicate a possible wave B green, one other shape might be in progress currently as well - the triangle pattern. This would mean more complex and time consuming wave development both to the upside and to the downside without any particular direction for some time.

Support/Resistance:

140.00 - WS1

140.40 - Intraday Support

140.91 - Weekly Pivot

140.83 - 141.05 - Retail Weekend Gap

141.45 - 141.54 - Supply Zone

141.82 - WR1

Trading recommendations:

The key level for intraday traders is the level of 140.40 as any breakout to the downside will put the recent swing low to the test. In that case sell stop orders should be opened from the level of 140.39 with SL above the level of 140.84 and TP at the level of 140.00.