FX.co ★ Technical analysis of EUR/JPY for September 22, 2016

General overview for 22/09/2016:

The main impulsive count has been invalidated due to wave (1) and wave (2) overlaps, so now the alternative count is in play. According to this count, the market has made the bottom of the wave (b) at the level of 112.06 and now the wave (c) is in progress. The overall structure for this corrective wave structure might be in form of (a)(b)(c)(d)(e) triangle that will constitute the bigger time frame wave B.

Support/Resistance:

112.06 - Intraday support

112.36 - WS2

112.53 - Intraday Support

112.92 - WS1

114.00 - Golden Trend Line Support

114.38 - Intraday Resistance

114.49 - Weekly Pivot

115.04 - WR1

116.36 - Local Swing High

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL just below the level of 112.06 and TP open for now.