FX.co ★ Technical analysis of EUR/JPY for October 5, 2016

General overview for 05/10/2016:

The top for the wave -iii- looks to be in place, so now it is time for wave -iv- to develop to the downside. The first projected target level for this corrective wave is at the level of 114.66 and any break out below this level will be considered bearish. Please notice, that the overall impulsive bullish wave progression to the upside hasn't been completed yet and higher price levels are expected when the correction is completed.

Support/Resistance:

112.07 - Technical Support

112.83 - WS1

113.50 - Weekly Pivot

114.66 - Intraday Support

114.78 - WR1

115.54 - WR2

Trading recommendations:

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