FX.co ★ Technical analysis of EUR/JPY for September 29, 2016

General overview for 29/09/2016:

As anticipated, the corrective cycle for the wave was completed yesterday with the low at 112.24. Currently, the market is trying to rally impulsively, and the first important resistance level has been violated. The next resistance is seen at 114.38, and this is the level that will act as the target for potential wave (iii) as well.

Support/Resistance:

112.06 - Intraday Support

112.24 - WS1

113.30 - Weekly Pivot

113.61 - Intraday Resistance

114.54 - WR1

115.63 - WR2

Trading recommendations:

Day traders should consider moving the SL higher and set the pair just below the level of 113.60. TP should be set at 114.38.