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Technical analysis of EUR/JPY for August 3, 2016

General overview for 03/08/2016:

Another marginal low had been made in this market and this is why the count has evolved into an abc-x-abc-x-abc triple three complex corrective cycle. The current low at the level of 113.01 might be the bottom for wave b green, but the confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscilattor supports the bullish outlook.

Support/Resistance:

118.45 - Technical Resistance

118.15 - WR2

115.85 - WR1

114.86 - Weekly Pivot

113.93 - Intraday Resistance

113.01 - Intraday Support

112.62 - WS1

111.61 - WS1

Trading recommendations:

Traders should refrain from trading as there is no clear trading setup yet. The corrective cycle might still be unfolding as any of the key levels hasn't been violated yet.

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