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

General overview for 13/10/2015 09:10 CET

The count has been little changed to incorporate the recent wave development in corrective wave iv blue. Instead of anticipated triangle pattern, the corrective cycle looks more like an abc purple irregular flat correction. Currently, the market is trying to rally upward in the last sup-wave of the wave (iii) green. The projected target is seen in the area of 137.20.

Support/Resistnace:

135.70 - Invalidation Level

135.98 - Intraday Support

136.11 - Weekly Pivot

136.95 - Intraday Resistance

Trading recommendations:

Yesterday's buy orders should be still in play and the SL should be moved higher to the level of 135.98. The projected target for TP is at the level of 137.20 (minimum target).