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Technical analysis of EUR/JPY for October 15, 2014

General overview for 15/10/2014 12:50 CET


The situation hasn't changed much since yesterday as the market keeps making lower lows and lower highs. This might mean, that after completing the internal corrective sub-wave b purple, the golden trendline will be broken and the last wave c purple will be finally made. The projected target level is still the same at the level of 134.66 and a rebound is being expected from this level. The bullish divergence on the awesome oscillator supports the view.


Support/Resistance:


134.62 - WS1


135.08 - Intraday Support


136.05 - Intraday Resistance


136.30 - Weekly Pivot


136.55 - Technical Resistance


136.96 - WR1


136.93 - Technical Resistance


Trading recommendations:


Daytraders should wait if the golden trend line is broken, and then open sell orders with SL above the level of 136.05 and TP at the level of 134.66.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com