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Technical analysis of EUR/JPY for September 5, 2016

General overview for 05/09/2016:

The wave (1) top had been established at the level of 116.32, and currently the market is developing a corrective cycle in wave (2). The projected min. target for this wave is at the level of 115.01 (the previous wave 4 low), but the correction might get more complex and time-consuming. Moreover, the alternative count is still indicating a possible (a) (b) (c) horizontal structure in progress, but so far the impulsive labeling has been fitting better to the market situation.

Support/Resistance:

116.32 - Intraday Resistance

115.58 - Weekly Pivot

115.01 - Intraday Support

114.80 - WS1

113.09 - WS2

Trading recommendations:

The main part of the downward movement has been done already, so day traders should refrain from trading and wait for a better trading setup to occur shortly.

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