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27.08.201509:55 Forex Analysis & Reviews: Technical analysis of EUR/JPY for August 27, 2015

Long-term review

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General overview for 27/08/2015 09:45 CET

As anticipated yesterday, another low below the wave Y brown bottom was reached at the level of 135.44. Currently, the corrective structure in wave (a) blue looks completed. If the intraday resistance at the level of 136.40 is violated, then the wave (b) blue to the upside might be in progress, but please keep in mind that this wave (b) might be very short-lived, and the market will continue its decline. Another thing worth to mention is the price is trading inside of the bearish zone now.

Support/Resistance:

135.44 - Intraday Support

135.92 - WS3

136.40 - 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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