16.06.201410:52 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 16, 2014

Long-term review

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General overview for 16/06/2014 09:40 CET

The idea of an extended wave 4 in the shape of a triangle or more complex correction in big wave 2 in the shape of (W)(X)(Y) pattern so far has been unconfirmed as this pair is making lower lows and shows no signs of impulsive progression. The key level to the upside on hourly chart is a rather strong resistance zone that confluence weekly pivot, supply zone and technical resistance. Only a breakout above the golden trendline and once more above the key level is bullish.

Support/Resistance:

137.70 - Wave B Low

137.96 - Intraday Resistance

138.54 - Weekly Pivot | Supply Zone | Key Level |

139.36 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from current levels with SL below the level of 137.69 and TP at the level of 138.54 and then wait what market will do next.

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