FX.co ★ Technical analysis of EUR/JPY for October 4, 2016

General overview for 04/10/2016:

The intraday resistance at the level of 114.38 has been taken out, but so far the bullish rally does not look so much impulsive as it should. Nevertheless, the market trades above all moving averages and above the weekly pivot, so the intraday outlook is still bullish. Only a clear, sustained break out below the weekly pivot would invalidate the bullish outlook.

Support/Resistance:

112.07 - Technical Support

112.25 - Intraday Support

112.83 - WS1

113.50 - Weekly Pivot

114.38 - Intraday Resistance

114.78 - WR1

115.54 - WR2

Trading recommendations:

Day traders should refrain from trading until a more clearer trading setup occurs.