Technical analysis of EUR/JPY for October 6, 2015 Market Analysis Review

General overview for 06/10/2015 08:00 CET

Wave c green to the upside had been completed as anticipated and the market reversed to the downside after a fake breakout. Now it is trading around the weekly pivot at the level of 134.41. However, the current wave structure looks like more complex and time-consuming pattern in progress. Wave X brown might be now developing. Any breakout below wave (b) blue low will invalidate this scenario.

Support/Resistnace:

133.15 - Wave (b) Blue Low

133.79 - WS1

134.41 - Weekly Pivot

134.56 - Intraday Support

135.43 - WR1

135.70 - Intraday Resistnace

Trading recommendations:

The buy orders were closed as an upward breakout turned out to be short-lived false breakout. Currently, sell orders are preferred for daytraders with SL above the level of 134.98 and TP at the level of 133.79.

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