FX.co ★ Technical analysis of EUR/JPY for October 21, 2015

General overview for 21/10/2015 10:40 CET

The triangle pattern idea was invalidated and currently the market is trading above the intraday support at the level of 136.00. The top for the wave b green might be in place, but we should wait for the confirmation, like an intraday support breakout in impulsive fashion. Small bearish divergence is supporting the bearish bias.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Support

135.68 - Weekly Pivot

Trading recommendations:

Day traders and swing traders should consider opening sell orders from the current price levels with SL above the level of 136.99 and TP at the level of 134.75.