FX.co ★ Technical analysis of EUR/JPY for July 14, 2014

General overview for 14/07/2014 08:50 CET

If the top at the level of 139.30 is at the end of a completed correction in wave 2 black, it means the bearish impulsive wave progression has not been finished yet and the market is now in the corrective cycle wave 4 purple. That means as long as the level of 138.42 is not broken, the chances for one more wave to the downside are high. The first confirmation comes with the small, black intraday trendline breakout and then the level of intraday support at the level of 137.49 violation.The technical targets are on the lower extension of the bearish zone, at the levels of 137.17 and 136.67.

Any breakout above the level of 138.42 invalidates the impulsive count.

Support/Resistance:

139.31 - WR2

138.49 - WR1

138.42 - Bearish Impulsive Count Invalidation Line

138.10 - Intraday Resistance

138.00 - Weekly Pivot

137.49 - Intraday Support

137.17 - WS1

136.67 - WS2

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