FX.co ★ Technical analysis of EUR/JPY for November 1, 2016

General overview for 01/11/2016:

The alternative impulsive count turned out to be the correct one as the full impulsive waves are now completed. This wave progression has been labeled as wave a (green) and now it looks like some kind of a corrective structure to the downside in wave b (green) need to be unfolded. The growing bearish divergence between the price and the momentum oscillator supports the bearish view.

Support/Resistance:

116.22 - WR1

115.33 - Intraday Support

115.37 - 115.48 - Fibonacci Confluence Zone

114.57 - Intraday Support

114.53 - Weekly Pivot

113.74 - WS1

Trading recommendations:

The full five waves in the impulsive progression are completed, so day traders should consider opening sell orders with tight SL. TP level should be left open for now.