FX.co ★ Technical analysis of EUR/JPY for October 22, 2014

General overview for 22/10/2014 12:50 CET

The count has been slightly changed in placing the top for wave -i- blue at the level of 136.99 and treating the rest of overlapping corrective cycle as a part of wave -ii- blue that is still missing one more push lower. The key level to the upside is the intraday resistance at the level of 136.25, however if the market will keep trading inside of the golden channel then more downside prices are expected.

Support/Resistance:

137.86 - WR1 

137.77 - 137.94 - Supply Zone 

136.99 - Intraday Resistance 

136.25 - Intraday Resistance

135.50 - Intraday Support

135.99 - Weekly Pivot 

135.27 - WS1 

134.11 - Swing Low 

Trading recommendations:

The market is very close to complete the corrective cycle and when wave -ii- blue is completed, impulsive wave progression is expected. This is why the swing traders should consider buying the dips down to the level of 135.08.