12.09.201609:51 Forex Analysis & Reviews: Technical analysis of EUR/JPY for September 12, 2016

Long-term review

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General overview for 12/09/2016:

The top for the possible wave (i) of the new upward cycle had been established at the level of 115.94 and it will now act as an intraday resistance. Currently, the market is in a corrective cycle, trading just around the weekly pivot at the level of 115.15. One more sub wave is expected in order to complete this cycle and then the price should rebound to the upside. Invalidation of this scenario comes with violation of the intraday support at the level of 113.85.

Support/Resistance:

112.82 - WS1

113.85 - Intraday Support

115.15 - Weekly Pivot

115.94 - Intraday Resistance

116.36 - Local High

116.52 - WR1

Trading recommendations:

Day traders should consider to buy the dips with this market with Sl below the level of 113.85 and TP open for now.

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