InstaForex - Analytics

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    Technical analysis of EUR/JPY for October 21 2014 2014-10-21

    General overview for 21/10/2014 11:10 CET

    Quiet trading conditions have caught the current market in a range zone between the levels of 136.26 - 137.00, but the more expected breakout of this range seems to be to the upside as the internal sub-cycles have not been completed yet. For the upside cycle, the projected target levels are in the supply zone between the levels of 137.77 - 139.94 and price should be capped around this zone and reverse.

    Support/Resistance:

    137.86 - WR1

    137.77 - 137.94 - Supply Zone

    136.99 - Intraday Resistance

    136.26 - Intraday Support

    135.99 - Weekly Pivot

    135.27 - WS1

    134.11 - Swing Low

    Trading recommendations:

    The market is still trading above the level of 135.99 and the intraday uptrend is intact - higher prices are expected here. Please notice that this is wave B which is making such trading conditions. It might get choppy but overall buying the dips is the way to trade this market.

    eurjpy_h1.jpg

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