FX.co ★ Technical analysis of EUR/JPY for June 20, 2014

General overview for 20/06/2014 08:35 CET

The wave progression develops as indicated, but the overall count has been changed slightly to accomodate a possible more copmplex development in the upward wave C black of wave 2 black. Currently the price is above the weekly pivot level and next level of the resistnace is at the level of 139.36. The key level for intraday traders is intraday resistance at the level of 138.85. A breakout higher means the impulsive wave progression is intact. For a bearish case, only a sustained breakout below the low of the wave 2 red is important.

Support/Resistance:

138.39 - Wave 2 red Low

138.55 = Weekly Pivot

138.60 - Intraday Support

138.85 - Intraday Resistance

139.36 - WR1

Trading recommendations:

Long positions from yesterday should still be in play and next level to add to the existing positions is 138.85 (breakout).