FX.co ★ Technical analysis of EUR/JPY for August 8, 2016

General overview for 08/08/2016:

The bottom for the wave b might be in place at the level of 112.31, but to confirm this scenario the price must impulsively break out above the 113.92 level and head higher. And violation of the intraday support at the level of 112.31 will invalidate this scenario.

Support/Resistance:

112.31 - Intraday Support

113.26 - Weekly Pivot

113.92 - Intraday Resistance

114.22 - WR1

115.76 - WR2

116.72 - WR3

Trading recommendations:

Day traders should consider opening buy orders from current price levels and place the SL just below the level of 112.30. TP is open for now.