FX.co ★ Technical analysis of EUR/JPY for October 2, 2015

General overview for 02/10/2015 07:20 CET

An alternative scenario for the higher time frame still shows a possibility of one more big wave upward to complete the wave C blue. This scenario is currently being followed in the lower time frames on a daily basis. Due to the fact that the market is currently in the wave B blue cycle ( it might had been completed tough), the overall wave progression might evolve to more complex and time consuming pattern, for example a triangle one. As we could see all the week, the lower time frames do not indicate any kind of the impulsive wave development to the upside yet, so the idea of the more complex wave B blue is still possible.

Support/Resistance:

133.40 - WS1

133.42 - Intraday Support

134.41 - Intraday Resistance

134.77 - Weekly Pivot

Trading recommendations:

The sell orders from yesterday has hit the tight SL as the breakout above the resistance was a false one. Please notice today is NFP Friday and high volatility is expected around 12:30 pm GMT, so caution in trading is advised.