General overview for 14/10/2016:
EUR/JPY is still trading inside of a narrow range between the weekly pivot at 115.19 and intraday support at 114.00. Bulls were not strong enough to break above this level and bears pushed the price lower again. From the Elliott Wave perspective, it is not yet clear whether the move down will be in the form of an impulsive progression or more complex corrective progression, mostly because the fall has stopped at the 50% Fibo at the level of 114.17. We need to wait if the level of 61% Fibo at 113.67 will be hit before drawing any further conclusions. Bias is still to the downside.
Support/Resistance:
116.72 – WR1
115.19 – Weekly Pivot
115.16 – Intraday Resistance
114.05 – WS1
114.00 – Intraday Support
112.50 – WS2
Trading recommendations:
As long as the market is not back inside the golden trend line, swing traders and day traders should sell at the rallies with SL above the level of 115.90 (wave (b) top).
The material has been provided by InstaForex Company – www.instaforex.com
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