Technical analysis of EUR/JPY for October 12, 2015 Market Analysis Review

General overview for 12/10/2015 13:05 CET

The wave structure is developing as anticipated with one more wave to the upside needed to complete the wave (iii) green. Currently, the market is in a corrective cycle as the wave iv blue is in progress. Any violation of the level of 135.70 invalidates the green impulsive count.

Support/Resistnace:

137.46 - Projected Target For Wave (iii) Green

136.95 - Intraday Resistnace

136.33 - Intraday Support

136.11 - Weekly Pivot

135.70 - Invalidation Level

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 135.70 and TP at the level of 137.46.

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