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05.08.201608:33 Forex Analysis & Reviews: Technical analysis of EUR/JPY for August 5, 2016

Long-term review

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General overview for 05/08/2016:

The market trades in very narrow range as the Elliott wave 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 confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscillator 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 Resistance

112.50 - 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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