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12.11.201412:10 Forex Analysis & Reviews: Technical analysis of EUR/JPY for November 12, 2014

Long-term review

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General overview for 12/11/2014 11:00 CET

It looks like five impulsive waves on the larger 4H time frame have been made and now the market should start a corrective cycle. There is a clear one to one price and time ratio between wave 1 and wave 5 and bearish divergence supports the view as well. On lower time frames, the key support is at the level of 142.10 and breakout lower is the first clue that the short-term top is in place.

Support/Resistance:

144.68 - Swing Top|Technical Resistance|

144.60 - WR1

143.68 - Intraday Resistance

143.03 - Intraday Support

142.49 - Weekly Pivot

142.11 - Technical Support | Key Level|

Trading recommendations:

Day traders should consider to sell orders from the level of 143.68 with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.

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