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Technical analysis of EUR/JPY for August 25, 2015

General overview for 25/08/2015 10:00 CET

The anticipated low labeled as wave Y brown occurred yesterday and the WXY brown corrective structure is now completed. However, as long as the intraday resistance at the level of 138.94-138.84 puts the cap on any price rally, the market might still try to make another wave down with a low below the level of 136.02. Then the corrective structure will get more complex and time-consuming.

Support/Resistance:

139.65 - WR1

138.94 - Intraday Resistance

138.34 - Weekly Pivot

137.78 - WS1

137.05 - Intraday Support

Trading recommendations:

All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear pattern to trade.

eurjpy_h1.jpg

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