FX.co ★ Technical analysis of EUR/JPY for August 25, 2016

General overview for 25/08/2016:

The wave progression looks choppy and full of whipsaws and the most important resistance at the level of 114.02 still hasn't been violated yet. The low volatility trading period continues, the horizontal corrective cycle is still in progress, but bears have managed to break out slightly below the golden trend line support. Nevertheless, the market is still trading within the daily range, above all intraday moving averages, above the weekly pivot and above the golden trend line, so the break out to the upside might happen any time soon.

Support/Resistance:

112.31 - Intraday Support

112.97 - WS1

113.44 - Weekly Pivot

114.02 - Intraday Resistance

114.52 - WR1

115.02 - WR2

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.