FX.co ★ Technical analysis of EUR/JPY for September 30, 2014

General overview for 30/09/2014 10:45 CET
The corrective cycle continues in wave -ii- blue, which is an internal sub-cycle of the bigger degree impulsive wave 3 purple. In order for this count to work, the blue impulsive count invalidation line at the level of 138.25 can not be violated, because otherwise the alternative blue count will be in play  and this count is short-term bearish. Currently the price has broken out of the falling wedge but there is impulsive not follow-up after the breakout, so please keep an eye on the grey rectangle area for a possible breakout.

Support/Resistance:
141.20 - Swing High
140.79 - WR2
140.20 - Technical Resistance
139.56 - WR1
139.07 - Intraday Resistance
138.96 - Weekly Pivot
138.52 - Intraday Support
138.25 - Blue Impulsive Count Invalidation Line

Trading recommendations:
Swing traders and day traders should consider opening buy positions from current price level with SL below the level of 138.25 and longer term TP at the level of 140.21 with a possible extension up to the level of 141.21. Breakout below the invalidation line at the level of 138.25 invalidated this view.