FX.co ★ Technical analysis of EUR/JPY for October 7, 2015

General overview for 07/10/02015 10:20 CET

The current wave development does not look too much impulsive to start the wave (iii) green to the upside. The market is still trading above the weekly pivot point, but it is not strong enough to breakout above the resistance levels of 135.97 - 126.12 . This kind of horizontal price action might suggest more complex and time-consuming cycle to come.

Support/Resistnace:

135.97 - 136.12 - Technical Resistnace

135.71 - Intraday Resistnace

135.43 - WR1

134.41 - Weekly Pivot

134.36 - Intraday Support

Trading recommendations:

Daytraders should refrain from trading until more clear pattern occurs.