FX.co ★ Technical analysis of EUR/JPY for October 10, 2016

General overview for 10/10/2016:

The corrective cycle is still in progress in this market and the first target for this cycle has been hit. Currently, the price is trading below the golden trend line, just around the weekly pivot at the level of 115.19. Please be aware that this corrective structure does not look completed and might evolve into more complex and time-consuming pattern.

Support/Resistance:

116.72 - WR1

116.36 - Intraday Resistance

115.19 - Weekly Pivot

115.03 - Intraday Support

114.05 - WS1

112.50 - WS2

Trading recommendations:

Day traders should consider opening buy orders from current market levels with tight SL and TP set at the level of 116.72.