Technical analysis of EUR/JPY for October 1, 2015 Market Analysis Review

General overview for 01/10/2015 09:50 CET

This pair is still trading inside the neutral zone, however it was broken below the golden trend line yesterday. Currently, it is trading just above the weekly pivot support at the level of 133.40. In the higher time frames, the whole market is still in congestion zone 139.00 - 132.20 and it looks like it is waiting for any fundamental trigger ( news, events etc.) to breakout above/below the zone. Nevertheless, any breakout below the intraday support at the level of 133.55 will be considered bearish and lower levels of the neutral zone might be tested soon.

133.40 - WS1

133.55 - Intraday Support

134.22 - Intraday Resistnace

134.77 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy orders only if the level of 134.23 is violated with tight SL (10-15 pips) and TP at the level of 134.77.

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