16.09.201508:21 Forex Analysis & Reviews: Technical analysis of EUR/JPY for September 16, 2015

Long-term review

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General overview for 16/09/2015 08:10 CET

The first three waves down are completed labeled as wave (b) blue, but this wave might get more complex and time-consuming. Moreover, the market broke out of the black channel testing it from the downside. Mow it is trying to continue to move downwards. A breakout below the intraday support at the level of 135.00 is needed to confirm this scenario.

Support/Resistnace:

138.80 - WR1

137.09 - Intraday Resistnace (strong)

135.47 - Intraday Support

135.88 - Intraday Resistance (weak)

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Yesterday's buy orders had not hit the anticipated TP level ( 30 pips miss), but overall it was a good, profitable trading idea. Due to the FED meeting later on tonight the traders should refrain from trading.

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