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Technical analysis of EUR/JPY for August 31, 2015

General overview for 31/08/2015 10:45 CET

A corrective cycle continues as there is still one more wave to the upside missing. The market still trades inside the bearish zone. The boundary of this zone is seen at the level of 137.60, which is intraday resistance, where the top for the wave (b) blue is expected before any further decline.

Support/Resistance:a

137.76 - WR1

137.60 - Intraday Resistance

136.60 - Intraday Resistance

136.50 - Weekly Pivot

135.23 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.

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