FX.co ★ Technical analysis of EUR/JPY for August 13, 2015

General overview for 13/08/2015:

The five wave impulsive structure to the upside looks like it has been completed and now the market might continue developing the larger downside cycle. The first confirmation would be a clear impulsive breakout below the intraday support at the level of 137.78 and therefore the top at the level of 138.86 would take place. Any new high invalidates this scenario.

Support/Resistance:

138.94 - WR3

138.86 - Wave B Top

137.78 - Intraday Support

137.02 - WS2

Trading recommendations:

Daytraders should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78.