FX.co ★ Technical analysis of EUR/JPY for September 20, 2016

General overview for 20/09/2016:

The main scenario that included the triangle pattern possibility has been invalidated as the wave c green had broken below the support at the level of 113.81. Currently, the next best count is an impulsive structure in development that might have been completed already. The bottom for the wave (2) would be at the level of 113.48 and if the count is correct, then we should see an impulsive trend resumption to the upside.

Support/Resistance:

112.92 - WS1

113.41 - Intraday Support

114.00 - Golden Trend Line Support

114.29 - Intraday Resistance

114.49 - Weekly Pivot

115.04 - WR1

116.36 - Local Swing High

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL just below the level of 113.40 and TP open for now.