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Technical analysis of EUR/JPY for September 2, 2015

General overview for 02/09/2015 07:00 CET

After the marginal new low had been made, the count slightly changed to incorporate a more extended in time wave Z brown. The complex corrective structure looks completed now, but the upside is limited by the weekly pivot at the level of 136.50. Moreover, the top for the wave B had been established at the level of 138.94 according to this count, and the market should now continue the downside wave development in order to complete the wave C black.

Support/Resistance:

134.67 - Intraday Support

135.00 - Technical Support

136.50 - Weekly Pivot

136.60 - Intraday Resistance

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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