16.04.201410:37 Forex Analysis & Reviews: Technical analysis of EUR/JPY for April 16, 2014

General overview for 16/04/2014 09:10 CET

The anticipated wave (c) to the upside is finally unfolding as the complex corrective cycle in wave (b) which has been finished now. There are two possibilities for this last corrective cycle to the upside to unfold: either the correction in wave (c) blue has been finished at the level of 141.50 as an simple irregular (a)(b)(c) correction, or the recent top is the first leg of more complex upward corrective cycle in wave alt: (c) blue that indicates one more push higher to the level of 61% Fibo at 141.16. The key level to keep an eye for is weekly pivot at the level of 140.91 because any breakout lower would indicate that the main count is in play.

Support/Resistance:

142.77 - WR2

142.73 - 78%Fibo

142.16 - 61%Fibo

141.82 - WR1

141.54 - 141.50 - Supply Zone

141.14 - Intraday Support

140.91 - Weekly Pivot

140.23 - Intraday Low

Trading recommendations:

Any breakout higher above the level of 141.55 is a good opportunity to open long orders with SL below the level of 141.12 and TP at the level of 142.16.