FX.co ★ Technical analysis of EUR/JPY for June 19, 2014

General overview for 19/06/2014 10:10 CET

The upward wave progression is developing as anticipated and higher prices are here to be seen if the range zone is broken to the upside. In that case, the next level of resistance is WR1 at the level of 193.36 but please notice this is an irregular flat corrective cycle count and this pair might go even higher than this level. On the other hand, any downside breakout below the level of 138.40 is slightly bearish and might put the current count into question. The invalidation line for this count is at the level of 137.70.

Support/Resistance:

137.70 - Invalidation Level

138.40 - Intraday Support

138.54 - Weekly Pivot

138.74 - Intraday Resistance

139.36 - WR1

Trading recommendations:

Daytraders should consider opening the buy positions only if the level of 138.71 is broken and H1 candle has closed above it. SL for that trade would be below the level of 138.40 and TP at the level of 139.36.