FX.co ★ Technical analysis of EUR/JPY for April 15, 2014

General overview for 15/04/2014 08:00 CET

The market is in very thigh range now and so far there is no sign of any impulsive wave development yet. Instead, the current price action looks more like a triangle pattern is building in wave B green. Still the key level is the intraday resistance at the level of 140.83 - 141.04 and a breakout higher is bullish. Any failure here will put the level of intraday support at 140.40 to the test first, and then a possible downside extension to the swing low at the level of 140.00.

Support/Resistance:

140.00 - WS1

140.40 - Intraday Support

140.91 - Weekly Pivot

140.83 - 141.05 - Retail Weekend Gap

141.45 - 141.54 - Supply Zone

141.82 - WR1

Trading recommendations:

There is not much development since yesterday on this pair and the recommendations are still valid: the key level for intraday traders is the level of 140.40 as any breakout to the downside will put the recent swing low to the test. In that case sell stop orders should be opened from the level of 140.39 with SL above the level of 140.84 and TP at the level of 140.00.