Technical analysis of EUR/JPY for September 14, 2015 Market Analysis Review

General overview for 14/09/2015 09:50 CET

The target for the corrective retrenchment in wave (a) blue (alt. 2 blue) has reached the 61% - 66% Fibo level zone, and now it is slowly going down from the level of 137.09. Please notice that as long as the market trades above the weekly pivot at the level of 135.72, there is still a chance the corrective cycle will get more complex and waves (b) and (c) blue will be fully developed.

Support/Resistnace:

138.80 - WR1

137.09 - Intraday Resistnace

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL just above the level of 137.10 and TP at the level of 135.72.

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