FX.co ★ Technical analysis of EUR/JPY for September 8, 2014

General overview for 08/09/2014 14:30 CET

The market is currently in corrective cycle wave (iv) green or alternatively wave -iv- blue. Nevertheless, any upward rally should be capped somewhere at the level of 136.60 where the intraday resistance and weekly pivot level is, and sooner or later, market should make at least one more wave to the downside. Intraday support breakout is the first confirmation of impulsive decline.

Support/Resistance:

135.71 - Technical Support

135.81 - Intraday Support

136.60 - Intraday Resistance | Weekly Pivot |

137.72 - WR1

138.25 - Swing High

Trading recommendations:

Daytraders should consider to open sell limit  orders at the level of 136.60, with SL above the level of 136.80 and TP at the level of 135.71 with a possible downward extension to the level of 135.45.