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Technical analysis of EUR/JPY for November 2, 2016

General overview for 02/11/2016:

The corrective cycle is in progress just as anticipated yesterday. Wave a (purple) of this correction is done, together with wave b (purple). The last wave to the downside is needed to complete the cycle and the projected target level for this wave is 50%Fibo at the level of 114.13 or 61%Fibo at the level of 113.77. Please notice the 61%Fibo matches the weekly pivot support as well.

Support/Resistance:

116.22 - WR1

114.77 - Intraday Resistance

114.53 - Weekly Pivot

114.13 - 50%fibo

113.77 - 61%Fibo

113.74 - WS1

Trading recommendations:

The sell orders from yesterday should be kept open and TP level should be set at 50%Fibo or at 61%Fibo.

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