Technical analysis of EUR/JPY for August 14, 2015

General overview for 14/08/2015:

As mentioned yesterday, the impulsive structure to the upside looks completed and the first indications of a corrective cycle to the downside are present in the hourly chart. Moreover, the intraday resistance at the level of 138.83 puts a cap on the price and after five-time trying, the market is not able to break out above this level. Further confirmation comes with the intraday support breakout at the level of 138.07 and the next support is at the level of 137.74.

Support/Resistance:

138.94 - WR3

138.86 - Wave B Top

138.83 - Intraday Resistance

137.07 - Intraday Support

137.02 - WS2

Trading recommendations:

Daytraders still should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78.

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The material has been provided by InstaForex Company - www.instaforex.com