Technical analysis of EUR/JPY for October 2, 2014 Market Analysis Review

General overview for 02/10/2014 10:40 CET

The corrective wave c purple is developing as expected. However, the target level has been broken and the market went a little lower to the 78%Fibo at the level of 136.96. Throughout the whole corrective structure traders can see a three almost equal length measurements in triple three corrective cycle labeled as WXYXXZ of the whole wave B. A rebound is expected here and further impulsive wave progression upward is anticipated. A failure to make this kind of wave progression will shift our focus on the level of 136.68 (88.8%Fibo) and then on invalidation line at the level of 135.81. Support/Resistance:

135.81 - Bullish Count Invalidation Level

136.68 - 88%Fibo

136.96 - 78%Fibo

137.12 - WS2

137.30 - Intraday Resistance

137.73 - WS1

137.94 - Intraday Resistance

138.96 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy positions from current price levels, with SL below the level of 136.95 and TP level open for now. It might very good level to enter swing buy orders as well.

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