FX.co ★ Technical analysis of EUR/JPY for October 29, 2014

General overview for 29/10/2014 17:00 CET

As anticipated yesterday the one to one equal legs market geometry level has been hit in wave c green, the three wave corrective structure is completed and the recent high at the level of 138.03 has been labeled as wave B black. There is still a possibility that this wave c green will be extended to the upside but in that case the market can not move below the intraday support at the level of 137.25. Moreover, a clear violation of this level would mean the next target for support will be at the key level for bull at the level of 136.48. It this one is broken, then the floodgate is open and there is merely any support down to the level of 134.10.

Support/Resistance:

138.11 - WR1

138.06 - Projected Target Level For wave B |Key Level for Bears|

137.92 - Intraday Resistance

137.80 - 137.93 - Supply Zone

137.24 - Intraday Support

136.66 - Weekly Pivot

136.48 - Intraday Support|Key Level for Bulls|

136.11 - WS1

Trading recommendations:

Traders should consider to open sell positions from the current market levels, with SL above  the level of 138.11 and TP below the level of 137.25.