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Technical analysis of EUR/JPY for November 11, 2014

General overview for 11/11/2014 11:11 CET


There is not enough evidence to assume the recent wave development is a completed corrective cycle in blue wave 4. Now, the new impulsive wave to the upside has started. The reason is that the corrective cycle can still be labeled as a more complex and time-consuming cycle in the shape in an irregular flat correction (alternative labeling). Only a clear breakout above the level of 144.22 would put this possibility into question.


Support/Resistance:


44.59 - WR1


144.22 - Technical Resistance


142.91 - Intraday Resistance


142.50 - Weekly Pivot


142.19 - Intraday Support


141.66 - Intraday Support


140.79 - WS1


138.62 - WS2


Trading recommendations:


Yesterday buy orders have not been triggered and now the outlook is still uncertain, so traders should refrain from trading until clear pattern emerge.


eurjpy_h1.jpg


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