FX.co ★ Technical analysis of EUR/JPY for September 28, 2016

General overview for 27/09/2016:

The corrective cycle in wave (ii) looks now completed, but none of the important key levels has been violated yet. The first key level for bulls is the intraday support at 112.07, so any break out below this level would invalidate the impulsive count, evolving the simple abc corrective structure into more complex and time consuming pattern.

Support/Resistance:

112.06 - Intraday Support

112.24 - WS1

113.30 - Weekly Pivot

113.61 - Intraday Resistance

114.54 - WR1

115.63 - WR2

Trading recommendations:

Day traders should consider opening buy orders from the current price levels with SL just below the level of 112.06. TP should be left open for now.