Technical Analysis of EUR/JPY for April 14, 2016
General overview for 14/04/2016:
The downward breakout wasn't strong enough to violate the important intraday level of 122.81, but there is still a chance the bears will do it later. Please note that the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected. An impulsive break out to the downside is also anticipated.
122.53 - Intraday Support
122.81 - Key Level
124.11 - Weekly Pivot
124.24 - Intraday Resistance
125.66 - WR1
Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.
The material has been provided by InstaForex Company - www.instaforex.com