FX.co ★ Technical analysis of EUR/JPY for September 21, 2016

General overview for 21/09/2016:

Another marginal lower low was hit in this pair after the Bank of Japan interest rate decision. Nevertheless, it looks like the wave c green is now completed as the five wave impulsive structure was terminated at the level of 112.53. This intraday support will be now the key level for the current impulsive count as any break out below it will likely lead to whole impulsive scenario invalidation.

Support/Resistance:

112.36 - WS2

112.53 - Intraday Support

112.92 - WS1

113.41 - Intraday Support

114.00 - Golden Trend Line Support

114.38 - 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 112.50 and TP open for now.