Technical analysis of EUR/JPY for August 26, 2016

General overview for 26/08/2016:

It is almost clear that the current wave development is a form of a complex corrective cycle and as long as the low volatility trading period continues, the horizontal corrective cycle is still in progress. Nevertheless, bears have managed to break out slightly below the golden trend line support, but the market is still trading within the daily range, above all intraday moving averages, above the weekly pivot and above the golden trend line, so the breakout to the upside might happen any time soon.

Support/Resistance:

112.31 – Intraday Support

112.97 – WS1

113.44 – Weekly Pivot

114.02 – Intraday Resistance

114.52 – WR1

115.02 – WR2

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.

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

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