FX.co ★ Technical analysis of EUR/JPY for April 28, 2014

General overview for 28/04/2014 17:00 CET:

The anticipated wave (c) blue to the upside has finally materialized and has hit the level of 61% Fibo as anticipated in previous analysis. Currently it looks like the corrective wave progression is over and downside trend should resume.

Support/Resistance:

1432.41 - WR2

142.16 - 61%Fibo

141.83 - WR1

141.74 - Intraday Support

141.45 - Weekly Pivot

140.97 - 141.06 - Supply Breakthrough Zone

140.89 - WS1

140.51 - WS2

Trading recommendations:

Short positions should be open from current price levels with SL above the level of 141.17 and TP below the level of 140.97 with a possible downside extension to the level of 140.00.