27.06.201409:45 Forex Analysis & Reviews: Technical analysis of EUR/JPY for June 27, 2014

General overview for 27/06/2014 08:30 CET

Despite the recent impulsive breakout below the golden trendline into the old bearish zone, there is still a possibility of an extended upside wave progression in corrective wave (c) blue of wave 2 black. This scenario is possible as long as the intraday support at the level of 137.90 is not clearly broken in impulsive fashion. That means the confirmation of impulsive bullish wave progression comes with the level of 138.47 breakout and then weekly pivot breakout as well. If these breakouts do not materialize, then the lower prices should be expected.

Support/Resistance:

137.34 - WS2

137.70 - Techncial Support

137.90 - Intraday Support

138.18 - WS1

138.47 - Intraday Resistance

138.53 - Weekly Pivot

138.91 - Technical Resistance.

139.36 - WR1

Trading recommendations:

Please keep an eye on both important invalidation/confirmation levels I have indicated on the chart. A breakout above 138.47 is bullish and long positions should be opened; a breakout below 137.90 is bearish and short positions should be opened.