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Wave analysis

06.05.201408:45 Forex Analysis & Reviews: Technical analysis of EUR/JPY for May 6, 2014

Long-term review

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General overview for 06/05/2014 07:40 CET

The correction looks finished as the target zone has almost been hit but the current wave progression does not allow to definitely start the impulsive downside development. There is still a possibility of more complex and time-consuming correction in the shape of alternate green labeling on the chart. However, any breakout below the intraday support at the level of 141.27 is more bearish than bullish and it is the first clue the wave 2 red correction is competed.

Support/Resistance:

142.50 - WR1

142.47 - Swing High

141.72 - Technical Resistance

141.94 - Target Level #2

141.79 - Target Level #1

141.74 - Weekly Pivot

141.63 - Intraday Resistance

141.26 - Intraday Support

141.12 - Swing Low

140.96 - 141.06 - Supply Breakthrough Zone

Trading recommendations:

Sell stop levels from yesterday should still be kept open. The first target is at the level of 140.96.

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