16.08.201612:55 Forex Analysis & Reviews: Technical analysis of EUR/JPY for August 16, 2016

Long-term review

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General overview for 16/08/2016:

The market has tested the intraday support at the level of 112.31 and bounced from there, but it wasn't strong enough to break out above the dashed channel line. The invalidation level for this scenario is still at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.

Support/Resistant:

112.31 - Intraday Support

112.42 - WS1

113.17 - Weekly Pivot

113.65 - WR1

114.02 - Intraday Resistance

114.48 - WR2

114.96 - WR3

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.

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