FX.co ★ Technical analysis of EUR/JPY for April 18, 2014

General overview for 18/04/2014 07:20 CET

The upward price action still lacks the momentum and it looks more corrective than impulsive in terms of a wave development. Currently the market is in the middle of the range and the upside targets has not been reached yet. The key level is at the level of 141.20 and it will possibly act as a base for a bounce to the upside. Only a breakout below the weekly pivot at the level of 140.91 would put the lower price range to the test.

Support/Resistance:

141.82 - WR1

141.76 - 50%Fibo 

141.61 - Intraday Resistance

140. 97 - Intraday Support 

140.91 - Weekly Pivot

140.23 - Swing Low

Trading recommendations:

As long as the price is trading above the weekly pivot level, long positions are in favor with SL below the level of 140.90 and TP at the level of 141.90. Breakout above 141.62 is creates another opportunity to add more long positions.