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Technical analysis of EUR/JPY for August 19, 2015

General overview for 19/08/2015 09:50 CET

This pair is currently trading at the edge of the bullish zone. It is about to enter the neutral/corrective zone if the intraday support at the level of 137.06 is violated again. The current count might then evolve to WXYXXZ brown alternative count, typical for more complex and time-consuming corrections. For now, the golden trend line is generating the dynamic resistance and the market is trading inside the golden channel.

Support/Resistance:

136.72 - WS1

137.06 - Intraday Support

137.57 - Intraday Resistance

137.78 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders from current price levels with SL above the level of 137.69 and TP at the level of 136.80.

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