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

General overview for 14/11/2014 10:50 CET

The overall count has been little changed when the new high was made. The current count doesn't place a top for blue wave 5 yet and still indicates that the corrective cycle to the downside has not been completed yet. The intraday support at the level of 144.71 is the key intraday level to the downside. If this level is not broken, then the upside target then is at the level of 146.31. Please notice a multiple bearish divergence on the momentum oscillator that supports bearish view.

Support/Resistance:

146.31 - WR2

144.71 - Intraday Support

144.55 - WR1

143.55 - Technical Support

143.01 - Technical Support

Trading recommendations:

Day traders should consider opening sell orders from the level of 144.69 with SL above the level of 145.05 and TP at the level of 143.35.