InstaForex - Analytics

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    Technical analysis of EUR/JPY for October 15, 2015

    General overview for 15/10/2015 10:50 CET

    A green impulsive count has been invalidated due to wave (iv) and wave (i) overlaps and the count had been updated to incorporate recent changes. Currently, the wave development is getting more and more complex and time-consuming. The H4 time frame chart shows a possibility of another leg up if the overall corrective structure in wave D black progresses into a triple-three complex corrective structure. Nevertheless, any violation of the level at 133.40 will invalidate this scenario, and a downward wave progression will be more possible than upward.

    Support/Resistance:

    136.11 - Weekly Pivot

    135.99 - Intraday Resistnace

    135.28 - WS1

    135.21 - Intraday Support

    134.77 - 61% Fibo

    Trading recommendations:

    Day traders should consider opening sell orders from the level of 135.99 with SL above the level of 136.20 and TP at the level of 135.21.

    eurjpy_h1.jpg

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    eurjpy_h4.jpg

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