General overview for 13/09/2016:
As anticipated yesterday, the corrective cycle in wave (ii) has been completed at the level of 114.00. Now the market is trying to rally back up again in an impulsive fashion. The key level for bulls is intraday resistance at the level of 114.63, so only a sustained break out above this level would confirm the bullish scenario. Invalidation of this scenario comes with a violation of the intraday support at the level of 113.81.
Support/Resistance:
112.82 – WS1
113.85 – Intraday Support
115.15 – Weekly Pivot
114.65 – Intraday Resistance
115.94 – Intraday Resistance
116.36 – Local High
116.52 – WR1
Trading recommendations:
Day traders should consider buying the dips with this market with SL below the level of 113.85 and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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