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Technical analysis of EUR/JPY for September 22, 2015

General overview for 22/09/2015 09:10 CET

As anticipated yesterday, the market made the wave b purple to the upside and reversed just at the lower channel trend line. Currently, the market is about to complete the last leg down, labeled as wave c purple. That whole wave down might be labeled as wave (b) navy. This means there is one more wave to the upside needed to complete the whole corrective cycle.

Support/Resistnace:

132.22 - Swing Low

133.49 - WS2

134.35 - WS1

135.00 - Intraday Resistance

135.91 - Weekly Pivot

Trading recommendations:

Yesterday's sell orders should be now closed as the pair is approaching trend-line support. Any breakout above the level of 135.00 should be considered bullish.

eurjpy_h1.jpg

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