FX.co ★ Technical analysis of EUR/JPY for August 17, 2015

General overview for 17/08/2015 10:00 CET

So far the first three waves of the supposed corrective cycle has been made and the market should continue trading lower in order to complete the bigger time frame cycles (labeled as abc green on the chart). The key dynamic resistance is being provided by the golden trendline around the level of 138.32. Any breakout higher would directly expose the recent swing high at the level of 138.82. Please notice that the market has already tested this level six times and it has not broken it yet. Any breakout will be considered bullish with the resistance at the level of 139.45.

Support/Resistance:

139.45 - WR1

138.82 - Swing High|Intraday Resistance

138.32 - Golden Trend Line Dynamic Resistance

137.78 - Weekly Pivot

137.74 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from the level of 138.31 with SL above the level of 138.83 and TP at the level of 137.74.