FX.co ★ Technical analysis of EUR/JPY for September 19, 2014

General overview for 19/09/2014 10:00 CET

The impulsive structure is almost completed as the market enters the corrective cycle in green wave (iv). The first support level for this wave is at the level of 140.20 and the second support is at the level of 139.82. The shape of the corrective cycle is currently unknown, but the triangle is a rather possible outcome. When the correction is done, market should rebound and make a new high.

Support/Resistance:
141.58 - WR2
141.20 - Intraday Resistance
140.76 - WR1
140.20 - Intraday Support
139.82 - Intraday Support
138.30 - Weekly Pivot
138.25 - 138.41 - Supply Breakthrough Zone

Trading recommendations:
Day traders might consider opening the buy positions from the level of 140.20 with SL below the level of 139.80 and TP at the level of 141.58.
Swing traders should buy the dips in this market with initial SL below the level of 138.24 and open TP.