FX.co ★ Technical analysis of EUR/JPY for November 18, 2014

General overview for 18/11/2014 08:00 CET

The current wave development had started a corrective cycle that is still in progress. The main level of support, the weekly pivot, has been well defended so far. Now, the market is trying to move above the intraday resistance at the level of 145.82. Breakout higher above this level would expose the recent swing high at the level of 146.54 to test and a very possible breakout.

Support/Resistance:

149.04 - WR2

148.01 - WR1

146.51 - Swing High

145.82 - Intraday Resistance

145.02 - Weekly Pivot

144.71 - Technical Support

143.93 - WS1

Trading recommendations:

No reaction to the downside so far makes the yesterday's sell orders SL move just above the level of 145.82. The TP level stays the same at the level of 143.32.