FX.co ★ Technical analysis of EUR/JPY for September 2, 2014

General overview for 02/09/2014 11:50 CET

There complex corrective structure labeled as WXY brown is developing as anticipated. After blue wave (b) is completed, higher prices are expected. The fist minimum target for blue wave (c) is at the level of 138.15 but further upside levels are possible as well. The key intraday level for bulls is intraday support at the level of 137.40 and a rebound is expected either there or from the lower channel line somewhere at the level of 137.10.

Support/Resistance:

138.15 - WR2

137.98 - Intraday Resistance | Technical Resistance|

137.40 - Intraday Support

137.37 - WR1

136.90 - Weekly Pivot

Trading recommendations:

All traders who had opened buy positions should keep an eye on the level of 137.98: breakout higher is bullish and a failure here is bearish.