Technical analysis of EUR/JPY for October 19, 2015 Market Analysis Review

General overview for 19/10/2015 08:20 CET

A three-wave bounce from the level of 134.79 to the level of 136.00 was labeled as wave b green. Now, there is one more wave to the downside needed to complete a three-wave corrective structure of a larger degree. Only a clear breakout above the level of 136.00 would invalidate the view and make the wave b green wave progression more complex and time-consuming.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Resistance

135.68 - Weekly Pivot

134.79 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the current price levels with SL above the level of 136.20 and TP at the level of 134.75.

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

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