FX.co ★ Technical analysis of EUR/JPY for September 30, 2016

General overview for 30/09/2016:

The top for the wave (iii) had been established at the level of 114.20 and market has failed to rally any higher. Currently, an alternative count has been produced that indicated a more impulsive wave progression to the upside. The invalidation of this count is at the level of 112.25, so this is the most important level for day traders to keep an eye on.

Support/Resistance:

112.25 - Intraday Support |Invalidation Level|

112.19 - WS1

113.30 - Weekly Pivot

113.61 - Intraday Resistance

114.54 - WR1

115.63 - WR2

Trading recommendations:

All buy orders should now be closed with profit and day traders should refrain from trading and wait for a next clear trading setup to occur shortly.