FX.co ★ Technical analysis of EUR/JPY for August 15, 2016

General overview for 15/08/2016:

The corrective cycle in wave ii still does not looks complete as the abc irregular flat corrective pattern needs one small sub-wave to complete. The invalidation level for this scenario is at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.

Support/Resistant:

112.31 - Intraday Support

112.42 - WS1

113.17 - Weekly Pivot

113.65 - WR1

114.02 - Intraday Resistance

114.48 - WR2

114.96 - WR3

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.