FX.co ★ Technical analysis of EUR/JPY for August 12, 2016

General overview for 12/08/2016:

The market is currently trading just below the upper channel line and bulls are trying to break out above the intraday resistance at the level of 113.92.The bottom for the wave b (or ii) had been established at the level of 112.31, so now the wave iii might be developing. To confirm this scenario the market should explode to the upside, targeting the level of 115.76. Otherwise, the current wave progression will be labeled as another corrective structure withing the down trend.

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.