Technical analysis of EUR/JPY for September 2, 2016
September 2, 2016 9:14 am
General overview for 02/09/2016:
The weekly pivot resistance level 3 was hit yesterday and this might be the top of the wave v of the wave c green. Moreover, this top might be an end of the higher degree corrective cycle as well. To confirm all of this scenarios the price must break out below the previous wave iv low at the level of 115.01 and head even lower towards the weekly pivot level. The visible and clear bearish divergence supports the bearish outlook. NFP data release might be the trigger needed to push the prices lower.
Support/Resistance:
115.43 – Intraday Support
115.10 – WR2
115.01 – Key Level for Bears
114.73 – WR1
114.03 – Intraday Support
113.76 – Weekly Pivot
113.58 – Invalidation Level
113.37 – WS1
112.41 – WS2
Trading recommendations:
All buy orders recommended last week should now move their SL to the level of 115.43 and leave TP still open. Please notice: any spike up after NFP data release is a good opportunity to close all buy orders.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 02/09/2016:
The weekly pivot resistance level 3 was hit yesterday and this might be the top of the wave v of the wave c green. Moreover, this top might be an end of the higher degree corrective cycle as well. To confirm all of this scenarios the price must break out below the previous wave iv low at the level of 115.01 and head even lower towards the weekly pivot level. The visible and clear bearish divergence supports the bearish outlook. NFP data release might be the trigger needed to push the prices lower.
Support/Resistance:
115.43 – Intraday Support
115.10 – WR2
115.01 – Key Level for Bears
114.73 – WR1
114.03 – Intraday Support
113.76 – Weekly Pivot
113.58 – Invalidation Level
113.37 – WS1
112.41 – WS2
Trading recommendations:
All buy orders recommended last week should now move their SL to the level of 115.43 and leave TP still open. Please notice: any spike up after NFP data release is a good opportunity to close all buy orders.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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