For Traders

Analytical Reviews

Wave analysis

28.09.201609:36 Forex Analysis & Reviews: Technical analysis of EUR/JPY for September 28, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 27/09/2016:

The corrective cycle in wave (ii) looks now completed, but none of the important key levels has been violated yet. The first key level for bulls is the intraday support at 112.07, so any break out below this level would invalidate the impulsive count, evolving the simple abc corrective structure into more complex and time consuming pattern.

Support/Resistance:

112.06 - Intraday Support

112.24 - WS1

113.30 - Weekly Pivot

113.61 - Intraday Resistance

114.54 - WR1

115.63 - WR2

Trading recommendations:

Day traders should consider opening buy orders from the current price levels with SL just below the level of 112.06. TP should be left open for now.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.