FX.co ★ Technical analysis of EUR/JPY for September 29, 2015

General overview for 29/09/2015 08:40 CET

Despite breaking below yesterday's intraday support at the level of 134.11, the market was not determined to follow up with a decline and turned back to the weekly pivot at the level of 134.77. From the Elliott wave perspective, the market should now reach another high in order to continue with the wave (c) blue to the upside, but that recovery does not look impulsive. There is a possibility that the market will continue with more complex and time-consuming wave (b) blue now (some sort of complex pattern). Only a valid breakout above the trend line might start the impulsive wave (c) progression to the upside.

Support/Resistnace:

131.80 - WS2

132.22 - Technical Support

133.13 - Wave (b) Bottom

133.40 - WS1

133.92 - Intraday Support

134.77 - Weekly Pivot

135.36 - Intraday Resistnace

136.36 - WR1

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur as there is not a good moment to open any traders.