FX.co ★ Technical analysis of EUR/JPY for September 15, 2015

General overview for 15/09/2015 07:40 CET

The top for the wave (a) blue or alt.2 blue has been established, but no impulsive channel breakout has been seen so far. The pair is trading around the weekly pivot at the level of 135.72 and only an impulsive breakout below the intraday support at the level of 135.47 would make the outlook more bearish. Please notice that as long as the pair trades above the weekly pivot at the level of 135.72, there is a chance that the corrective cycle will get more complex and waves (b) and (c) blue will be fully developed.

Support/Resistnace:

138.80 - WR1

137.09 - Intraday Resistnace

135.47 - Intraday Support

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Yesterday's sell orders had hit the anticipated TP level.

For today daytraders should consider opening buy orders from the level of 135.47 with very tight SL (10-20 pips) and TP at the level of 136.20.