FX.co ★ Technical analysis of EUR/JPY for October 27, 2016

General overview for 27/10/2016:

The golden trend line had been tested from the bottom and the market has bounced back again into the supply zone. From the Elliott Wave Principle point of view, the current upward wave progression might be an impulsive cycle that can reach the projected target at the level of 114.50. Nevertheless, please, notice the wave (b) might evolve into a more complex and time-consuming pattern if it keeps trading inside of the channel.

Support/Resistance:

111.98 - WS1

113.14 - Weekly Pivot

113.26 - Intraday Support

114.05 - WR1

114.50 - Intraday Resistance

115.39 - WR2

Trading recommendations:

The buy orders from yesterday might be partially closed as the first TP at the level of 114.05 had been hit already. The other part of the trade might be kept open with the TP set at the level of 114.50.