FX.co ★ Technical analysis of EUR/JPY for June 11, 2014

General overview for 11/06/2014 10:30 CET

The lower levels anticipated in previous analysis have been hit but so far there is no rebound to the upside from this levels. If the count is correct then the low for wave B black should be in place now at the level of138.28 and higher prices should be seen soon. The first level of resistance is at the level of 138.76 and any impulsive breakout is bullish, possibly towards the test of golden trendline from the downside. Breakout above the trendline is even more bullish.

Support/Resistance:

138.24 - WS2

138.28 - Intraday Support

138.76 - Intraday Resistance

139.15 - WS1

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with Sl below the level of 138.24 and TP at the level of 139.15 with possible upside extension. Breakout above the level of 138.76 is bullish and buy stop orders might be placed at the level of 138.81.