FX.co ★ Technical analysis of EUR/JPY for October 20, 2015

General overview for 20/10/2015 09:55 CET

One of the possible scenarios for wave b green development is a triangle pattern. Currently, two more sub-waves are needed to complete the triangle pattern before a breakout lower would happen. On the other hand, any breakout above the level of 136.00 would invalidate the pattern scenario and make wave b green more extended to the upside.

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.