07.04.201411:34 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 7, 2014

Long-term review

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General overview for 07/04/2014 10:00 CET

The downside wave progression has not been finished yet and the price is below the key technical level now. Only a breakout higher above this level would indicate a more deeper retrace in this pair. The 61%Fibo level has been violated and next level is being expected to be tested.

Support/Resistance:

144.10 - WR2

143.47 - Swing High

142.56 - WR2

141.90 - Weekly Pivot

141.78 - 141.96 - Key Level

141.65 - Intraday Resistance

141.11 - Intraday Support

140.70 - 78%Fibo

Trading recommendations:

The swing traders should keep the short positions open and wait if the level of 141.96 will be tested.

The daytraders should watch the key level here for a possible short opportunity and open sell orders at the level of 141.65 with SL above the level of 141.97 and TP at the level of 140.70.

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