11.08.201410:05 Forex Analysis & Reviews: Technical analysis of EUR/JPY for August 11, 2014

Long-term review

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General overview for 11/08/2014 09:00 CET

The upward corrective cycle continues in this pair with the first leg to the upside completed. Currently, the second leg of correction is in progress and only a breakout below the level of 135.71 would invalidate the view and put the top for red wave 2 at the level of 136.99. On the other hand, any breakout above the level of 137.11 invalidates the main count and makes the corrective cycle to retrace more to the upside.

Support/Resistance:

138.01 - Red Count Invalidation Line | WR1 |

137.33 - Technical Resistance

137.11 - Main Count Invalidation Line

136.99 - Intraday Resistance

136.59 - Intraday Support

135.83 - WS1

135.71 - Wave (i) Green Low

Trading recommendations:

Please, refrain from trading this pair until the corrective cycle is completed.

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