Technical analysis of EUR/JPY for August 28, 2015

General overview for 28/08/2015 10:10 CET

The wave (b) blue is now in progress with the potential target at the level of 137.58 where the intraday resistance is. This kind of wave might get complex and time-consuming. Moreover, the whole technical picture from the Elliott wave perspective looks like a large corrective cycle in the wave C black is developing right now, so this kind of range-trading might be the main theme for some time now.

Support/Resistance:

135.23 – Intraday Support

135.92 – WS3

137.58 – Intraday Resistance

136.49 – WS2

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.51 is violated with SL below the level of 135.44 and TP at the level of 137.50.

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

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