17.06.201409:14 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 17, 2014

Long-term review

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General overview for 17/06/2014 08:00 CET

The first impulsive breakout to the upside has been done and now market should start to rally in the last wave of the corrective cycle. The key level is still the area of weekly pivot, technical resistance and supply zone between the levels of 138.49 - 138.58. Price must break higher in impulsive fashion to confirm higher levels will be tested. Any channel breakout to the downside is bearish and the count is invalidated.

Support/Resistance:

137.70 - Intraday Support

138.44 - Intraday Resistance

138.54 - Weekly Pivot

138.49 - 138.59 - Supply Zone (old)

139.36 - WR1

Trading recommendations:

The buy positions from yesterday should be kept open with the same valid SL and TP. More buy orders can be added to the existing ones if the level of 138.60 is broken and a minimum hourly candle has closed above this level.

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