17.02.201411:31 Forex Analysis & Reviews: Technical analysis of EUR/JPY for Febuary 17, 2014

Long-term review

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General overview for 17/02/2014 09:17 CET

The corrective cycle in current wave is getting more complex and time consuming. The overall shape is being as some kind of a flat correction but there is a possibility, that wave b green might be a triangle formation. Currently, the market is in the daily range area and a breakout is needed to gain more clues about further wave progression. For any extended upside correction, the golden trend line must provide the resistance and the level of 140.05 marked as intraday resistance must hold. Otherwise, the recent swing high at the level of 140.28 might be tested, but the breakout above this high doesn't mean the correction is over. The main count is still anticipating one more wave to the downside and the target for wave b green is at the level of 138.59 and in case of equal inside legs projection at the level of 138.39.

Support/Resistance:

140.28 - Swing High

140.22 - WR1

140.05 - Intraday Resistance

139.29 - 139.67 - Daily Range Area

139.42 - Weekly Pivot

138.97 - Intraday Support

138.57 - WS1

138.38 - Target Projection Level

Trading recommendations:

The upper golden trend line break out is the key dynamic resistance for any more future gains, so in case of this line violation long positions should be opened with SL below the level of 139.67 and TP at the level of 140.28.

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