FX.co ★ Technical analysis of EUR/JPY for October 25, 2016

General overview for 25/10/2016:

The level of 113.10 was violated overnight and now the market is slowly moving higher above the weekly pivot in order to hit the next resistance. The projected target for this wave might be at the level of 114.05, where the weekly resistance level one and the 78% Fibo might provide resistance for the price. Moreover, please notice the wave (b) might evolve into a more complex and time-consuming pattern.

Support/Resistance:

111.98 - WS1

112.07 - Intraday Support

113.14 - Weekly Pivot

113.65 - Intraday Resistnace

114.05 - WR1

115.39 - WR2

Trading recommendations:

The buy orders from yesterday should be kept open with SL set to BE and TP still set at the level of 114.05.