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    Technical analysis of EUR/JPY for September 1, 2015

    General overview for 01/09/2015 08:30 CET

    The market is trading inside of a narrow range below the weekly pivot at the level of 136.50. The upside scenario is still possible, but first the weekly pivot and the intraday resistance at the level of 136.60 must be clearly violated in an impulsive fashion. Only then, wave (b) blue might hit the projected target at the level of 137.59. Otherwise, the market will continue to consolidate inside the bearish zone.

    Support/Resistance:

    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.

    eurjpy_h1.jpg

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