FX.co ★ Technical analysis of EUR/JPY for October 6, 2016

General overview for 06/10/2016:

The market is now developing an internal corrective structure in wave (iv), possibly in a shape of a triangle pattern. The intraday support at the level of 115.33 is the most important level for day traders for now. 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

114.78 - WR1

115.33 - Intraday Support

115.54 - WR2

116.36 - Intraday Resistance

Trading recommendations:

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