FX.co ★ Technical analysis of EUR/JPY for April 29, 2014

General overview for 29/04/2014 09:00 CET

The upward wave progression has been finished with a little more extended wave iii black than I had previously thought. Nevertheless, the downside cycle might start very soon on this pair and a breakout below the old wave iv black low is the first confirmation that the top is in place. Support/Resistance:
142.41 - WR2
142.35 - Intraday Resistance
142.14 - Intraday Support
141.89 - WR1
141.68 - Wave iv Low
141.45 - Weekly Pivot

Trading recommendations:
Short positions should be open from the current price levels with SL above the level of 142.42 and TP below the level of 140.97 with a possible downside extension to the level of 140.00.