FX.co ★ Technical analysis of EUR/JPY for June 5, 2014

General overview for 05/06/2014 06:50 CET

The corrective wave structure is developing in the anticipated way, creating a downward wave B black. Currently, there is one more wave missing to complete the irregular flat correction. However, please notice that it does not mean the whole wave B black will be completed as the corrective cycle might get more complex and become more time-consuming. Any breakout above the level of 139.95 is bullish and a potential corrective cycle would be over then.

Support/Resistance:

140.11 - WR2

139.86 - 139.95 - Technical Resistance

139.49 - WR1

139.47 - Intraday Resistance

139.10 - Intraday Support

138.73 - Weekly Pivot

Trading recommendations:

Short orders advised yesterday should be still kept open with the target at the level of 139.10.