Technical analysis of EUR/JPY for October 15, 2014 Market Analysis Review

General overview for 15/10/2014 12:50 CET

The situation hasn't changed much since yesterday as the market keeps making lower lows and lower highs. This might mean, that after completing the internal corrective sub-wave b purple, the golden trendline will be broken and the last wave c purple will be finally made. The projected target level is still the same at the level of 134.66 and a rebound is being expected from this level. The bullish divergence on the awesome oscillator supports the view.

Support/Resistance:

134.62 - WS1

135.08 - Intraday Support

136.05 - Intraday Resistance

136.30 - Weekly Pivot

136.55 - Technical Resistance

136.96 - WR1

136.93 - Technical Resistance

Trading recommendations:

Daytraders should wait if the golden trend line is broken, and then open sell orders with SL above the level of 136.05 and TP at the level of 134.66.

The material has been provided by InstaForex Company - www.instaforex.com



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