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Technical analysis of EUR/JPY for November 5, 2015

General overview for 05/11/2015 08:20 CET

The growing bullish divergence warns traders of a bullish reversal coming. This point of view is supported by the current Elliott wave count, where wave c purple is needed to complete the larger degree cycle in wave (b) blue. The first possible target is around the golden channel trend line resistance and demands breakthrough zone resistance between the level of 133.70 - 133.91.

Support/Resistnace:

130.50 - WS2

131.60 - Intraday Support

131.75 - WS1

132.24 - Intraday Resistance

132.82 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy orders only if the level of 132.24 is violated, with tight SL (10-15 pips) and TP at the level of 133.30.

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