Technical analysis of EUR/JPY for October 28, 2015 Market Analysis Review

General overview for 28/10/2015 08:10 CET

An impulsive wave progression to the downside is currently looking exhausted as wave c green is completed. The growing bullish divergence between the price and the momentum oscillator supports the view that the re-bound to the upside is taking place. Any breakout above the level of 133.20 opens the road to the weekly pivot test at the level of 134.31.

Support/Resistance:

132.28 - WS1

132.71 - Intraday Support

133.20 - Intraday Resistance

134.31 - Weekly Pivot

Trading recommendations:

Day traders should consider to open buy orders only if the level of 133.20 is violated. SL should be placed below the level of 132.70 and TP should be set at the level of 134.31.

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