For Traders

Analytical Reviews

Wave analysis

02.10.201411:55 Forex Analysis & Reviews: Technical analysis of EUR/JPY for October 2, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 02/10/2014 10:40 CET
The corrective wave c purple is developing as expected. However, the target level has been broken and the market went a little lower to the 78%Fibo at the level of 136.96. Throughout the whole corrective structure traders can see a three almost equal length measurements in triple three corrective cycle labeled as WXYXXZ of the whole wave B. A rebound is expected here and further impulsive wave progression upward is anticipated. A failure to make this kind of wave progression will shift our focus on the level of 136.68 (88.8%Fibo) and then on invalidation line at the level of 135.81. Support/Resistance:
135.81 - Bullish Count Invalidation Level
136.68 - 88%Fibo
136.96 - 78%Fibo
137.12 - WS2
137.30 - Intraday Resistance
137.73 - WS1
137.94 - Intraday Resistance
138.96 - Weekly Pivot

Trading recommendations:
Day traders should consider opening buy positions from current price levels, with SL below the level of 136.95 and TP level open for now. It might very good level to enter swing buy orders as well.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.