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21.10.201611:07 Forex Analysis & Reviews: Technical analysis of EUR/JPY for October 21, 2016

Long-term review

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General overview for 21/10/2016:

The downward wave progression unfolded as anticipated yesterday and now the next target for wave c (purple) is at the level of the recent swing low at 112.07. Please notice the growing bullish divergence between the price and the momentum oscillator supports the view, that this wave down might be the last one in the sequence.

Support/Resistance:

116.49 - WR2

115.43 - WR1

114.62 - Weekly Pivot

114.00 - Intraday Resistance

113.46 - WS1

113.11 - Intraday Resistance

112.74 - WS2

112.07 - Intraday Support

Trading recommendations:

All the sell orders should now be closed as the TP at the level of 112.97 has been hit. Day traders should refrain from trading and wait for another setup to occur shortly.

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