FX.co ★ Technical analysis of EUR/JPY for August 12, 2014

General overview for 12/08/2014 14:30 CET

The anticipated top for wave a as one upside leg of the correction has topped at the level of 137.11. Now, green wave b of the corrective cycle is unfolding. There are two possible target levels, marked on the chart as orange rectangles. The first target is at the level of 136.35 and the second one at the level of 136.21. Any breakout below this level would possibly lead to a test of the recent swing low at the level of 135.71. On the other hand, first confirmation of the last green wave c to the upside comes with the golden trendline and weekly pivot level bullish breakout.

Support/Resistance:

135.71 - Swing Low

135.80 - WS1

136.21 - Target Level #2

136.55 - Target Level #2 |Intraday Support|

136.58 - Intraday Support

136.85 - Weekly Pivot

137.55 - Technical Resistance

Trading recommendations:

Day traders should consider opening long positions from the current price levels or from the level of 136.21, with SL below the level of 135.71 and TP at the level of 137.33.