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Technical analysis of EUR/JPY for November 18, 2014

General overview for 18/11/2014 08:00 CET


The current wave development had started a corrective cycle that is still in progress. The main level of support, the weekly pivot, has been well defended so far. Now, the market is trying to move above the intraday resistance at the level of 145.82. Breakout higher above this level would expose the recent swing high at the level of 146.54 to test and a very possible breakout.


Support/Resistance:


149.04 - WR2


148.01 - WR1


146.51 - Swing High


145.82 - Intraday Resistance


145.02 - Weekly Pivot


144.71 - Technical Support


143.93 - WS1


Trading recommendations:


No reaction to the downside so far makes the yesterday's sell orders SL move just above the level of 145.82. The TP level stays the same at the level of 143.32.


eurjpy_h1.jpg


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