FX.co ★ Technical analysis of EUR/JPY for October 19, 2015

General overview for 19/10/2015 08:20 CET

A three-wave bounce from the level of 134.79 to the level of 136.00 was labeled as wave b green. Now, there is one more wave to the downside needed to complete a three-wave corrective structure of a larger degree. Only a clear breakout above the level of 136.00 would invalidate the view and make the wave b green wave progression more complex and time-consuming.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Resistance

135.68 - Weekly Pivot

134.79 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the current price levels with SL above the level of 136.20 and TP at the level of 134.75.