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Technical analysis of EUR/JPY for May 14, 2015

General overview for 14/05/2015 10:10 CET

The latest count had been slightly changed to incorporate the latest wave up labeled as wave (v) green. This wave is still incomplete as it looks like it needs one more sub-cycle higher to finish the impulsive sequence and reverse lower. Please notice that bearish divergence has been formed between the price and the momentum oscillator. This fact supports our view. A breakout below the intraday support at the level of 135.46 would be another confirmation.

Support/Resistance:

134.34 - Weekly Pivot

135.46 - Intraday Support

135.59 - WR1

135.97 - Intraday Resistance

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders after a new high is made and the impulsive structure is completed.

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Uitgevoerd door, Analytische expert
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