FX.co ★ Technical analysis of EUR/JPY for October 29, 2015

General overview for 29/10/2015 09:50 CET

After recent developments, a triangle idea of wave B blue was abandoned and charts were updated. It looks like the corrective cycle is evolving a more complex

and time-consuming triple-three complex corrective pattern where wave Z black must be already completed. To complete this wave, the market needs to break below the level of 131.07. From that level, the re-bound and trend resumption is highly possible.

Support/Resistance:

131.28 - WS2

131.54 - 223%Fibo

131.58 - Intraday Support

132.28 - WS1

132.68 - Intraday Resistance

Trading recommendations:

Day traders should refrain from trading until the next trading setup will occur.