FX.co ★ Technical analysis of EUR/JPY for April 25, 2014

General overview for 25/04/2014 08:50 CET

The supply breakthrough zone still provides the buying opportunities and as long as it is not broken, the upside wave development is being expected up to the 61%Fibo at the level of 142.16. The first clue comes with golden descending trendline breakout and intraday resistance breakout as well. .

Support/Resistance: 

142.21 - WR1 

142.16 - 61%Fibo 

141.97 - Technical Resistance 

141.78 - Intraday Resistance 

141.34 - Intraday Support 

141.23 - Weekly Pivot 

140.97 - 141.06 - Supply Breakthrough Zone 

Trading recommendations: 

As I had advised yesterday, the daytraders should still be opening buy orders as long as weekly pivot at the level of 141.22 provides the support. All stops for already open long positions should be placed below the level of 141.00. Another buy stop orders might be open if the level of 141.80 is broken, with SL below the level of 141.33 and TP at the level of 142.16.