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Technical analysis of EUR/JPY for July 14, 2016

General overview for 14/07/2016:

The alternative count is now correct as there is a clear impulsive structure to the upside visible on the hourly time frame. Moreover, the bearish divergence between the price and momentum oscillator at the top of wave iii and wave v supports this view. Currently, the marginal higher high is expected (as the wave v), and then the market should start a downward corrective cycle.

Support/Resistance:

108.24 – WS2

109.25 – WS1

109.55 – Wave ii Bottom

111.93 – Weekly Pivot

113.00 – WR1

114.76 – Intraday Support

115.55 – WR2

116.39 – Intraday Support

116.65 – WR3

117.70 – Intraday Resistance

Trading recommendations:

All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.

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

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Technical analysis of EUR/JPY for July 14, 2016 Reviewed by on . General overview for 14/07/2016:The alternative count is now correct as there is a clear impulsive structure to the upside visible on the hourly time frame. Mor General overview for 14/07/2016:The alternative count is now correct as there is a clear impulsive structure to the upside visible on the hourly time frame. Mor Rating:
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