FX.co ★ Technical analysis of EUR/JPY for October 26, 2016

General overview for 26/10/2016:

The market is still trading within the channel zone as the bulls are trying to break out above the level of 113.90. From the Elliott Wave Principle point of view, the current upward wave progression might be an impulsive cycle that can reach the projected target at the level of 114.50. Nevertheless, please, notice the wave (b) might evolve into a more complex and time-consuming pattern if it keeps trading inside of the channel.

Support/Resistance:

111.98 - WS1

113.14 - Weekly Pivot

113.26 - Intraday Support

114.05 - WR1

114.50 - Intraday Resistance

115.39 - WR2

Trading recommendations:

The buy orders from yesterday should be kept open with SL set to BE and TP1 still set at the level of 114.05, and TP2 set at the level of 114.50.