FX.co ★ Technical analysis of EUR/JPY for October 14, 2015

General overview for 14/10/2015 09:10 CET

The fourth wave looks completed now, but there is no real impulsive wave progression to the upside yet. This means the market might evolve into more complex and time- consuming correction. Please notice the invalidation line for the whole structure is seen at the level of 135.70.

Support/Resistnace:

135.70 - Invalidation Level

135.98 - Intraday Support

136.11 - Weekly Pivot

136.95 - Intraday Resistance

Trading recommendations:

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).