FX.co ★ Technical analysis of EUR/JPY for August 18, 2015

General overview for 18/08/2015 09:20 CET

As anticipated yesterday, the market reversed after testing the golden trend line resistance and currently is heading lower towards the technical support at the level of 137.34. Please notice that this corrective cycle might evolve into a more complex and time-consuming cycle, especially if the price falls lower into the neutral/range zone.

Support/Resistance:

138.82 - Intraday Resistance

137.78 - Weekly Pivot

137.56 - Intraday Support

136.34 - Technical Support

Trading recommendations:

Yesterday's shorts should be closed now as the TP level has been hit. Currently traders should refrain from trading and wait for clear pattern to emerge soon.