FX.co ★ Technical analysis of EUR/JPY for September 26, 2014

General overview for 26/09/2104 08:40 CET
This is the last call for bulls to make this pair go higher as the invalidation level is very close. The first bounce from the grey zone had produced the nice impulsive wave but to confirm the end of the corrective cycle in wave 2 blue the market must breakout of the golden falling wedge and test the weekly pivot at the level of 139.86. Any violation of the invalidation line at the level of 138.25 means the blue alternative count is in play and the market is back to the trading range.

Support/Resistance:
141.22- Swing High|WR1|
140.21 - Technical Resistance
139.84 - Weekly Pivot
139.00 - Intraday Resistance
138.68 - Intraday Support
138.47 - WS1
138.25 - Blue Impulsive Count Invalidation Level
137.12 - WS2

Trading recommendations:
Yesterday's advise is still valid: buy positions should be opened only if the golden trendline is broken with SL below the level of 138.25 and TP open for now. Otherwise please refrain from opening positions.