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Technical analysis of EUR/JPY for August 26, 2015

General overview for 26/08/2015 08:30 CET

After bouncing from the weekly pivot support at 136.50 the market went back into the neutral zone. The current price action is very choppy and full of whipsaws, moreover, the Elliott wave count is indicating a possible continuation of this complex and time-consuming pattern. The most important level is the intraday resistance at the level of 138.94 as only a clear breakout higher would invalidate the bearish outlook for now. One more leg down is expected with a bottom below the wave Y brown low at the level of 136.01.

Support/Resistance:

139.65 - WR1

138.94 - Intraday Resistance

138.34 - Weekly Pivot

137.78 - WS1

137.05 - Intraday Support

Trading recommendations:

Day traders should refrain from trading due to lack of a clear trading pattern.

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